Real estate investment firm Vanbarton Group has closed on its previously announced $305 million purchase of the 901 Fifth Avenue office tower in downtown Seattle.
The seller was a joint venture of Seattle-based real estate company Schnitzer West and global investment firm Investcorp International Realty, which bought the 41-story, 541,190-square-foot Class A office building in 2016.
The 44-year-old office tower was renovated in 2007, according to the Puget Sound Business Journal. The building received another $7 million in upgrades under the joint-venture’s ownership, according to real estate services firm JLL Capital Markets, which represented the seller in the deal. JLL also assisted the buyer, Vanbarton, in lining up a $169 million acquisition loan.
“It was an honor to work on behalf of Investcorp and Schnitzer West on the disposition of 901 Fifth and a delight to assist Vanbarton with their first purchase in the Pacific Northwest,” says Kevin Freels of JLL Capital Markets. The office tower is fully leased, according to JLL. The Vanbarton Group, founded in 1992, is a privately owned business with corporate offices in New York and San Francisco.