The downtown Seattle office tower 901 Fifth, which is anchored by tenants Pitchbook and Cray Inc., has been sold to the New York real estate investment firm Vanbarton Group for $305 million.
Vanbarton purchased the 41-story, 541,190-square-foot office property ― located at Fifth Avenue and Madison Street ― from Schnitzer West and real estate investment firm Investcorp. Schnitzer West, a real estate development, investment and property management firm with corporate offices in Bellevue and Denver, will continue to manage the property, which is 100 percent occupied.
“Investcorp has been a great partner on 901 Fifth,” says Pam Hirsch, president and chief executive officer of Schnitzer West. “Together we were able to update the building’s amenities to create a functional workspace for today’s modern workforce. We look forward to working with Vanbarton.”
The purchase of the Class A office tower, built in 1973, “marks Vanbarton’s expansion into Seattle to pursue long-term investment strategies,” according to a statement from the New York real estate company. Schnitzer West originally purchased the building in 2016 for $223.3 million, according to media reports at the time.
