Dealmaker: Vanbarton Group Purchases Seattle Office Tower for $305M
Michael Tucker firstname.lastname@example.org
Vanbarton Group, New York, purchased 901 Fifth Avenue in Seattle's central business district from Schnitzer West and Investcorp for $305 million.
The acquisition marked the privately owned real estate investment firm's expansion into Seattle. Vanbarton Group said it plans to pursue long-term investment in this growing market.
HFF and Newmark Knight Frank brokered the transaction with support from building leasing agent Jones Lang LaSalle.
Located at the corner of Fifth Avenue and Madison Street, 901 Fifth Avenue is a 541,000-square-foot Class A building. The 41-story asset dates to 1973. Schnitzer West will retain property management duties for the tower, currently fully occupied by the City of Seattle, Pitchbook, Cray Inc. and others. A recent $7 million renovation program included lobby renovations that created a "great room" experience.
Investcorp and Schnitzer West acquired the asset in 2016 and HFF secured the property's $170 million refinancing last year. HSBC provided those funds.
901 Fifth Avenue is one block from Seattle's Third Avenue transportation corridor, which houses the Link light rail and several bus lines. The property is one block from major north-south highway Interstate 5.