Office Tower 901 Fifth in Downtown Seattle Has a new Owner
New York investment firm Vanbarton purchased the property as part of an expansion into the Seattle market
July 2, 2019By Bill Conroy
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 buildings amenities to create a functional workspace for todays modern workforce. We look forward to working with Vanbarton.
The purchase of the Class A office tower, built in 1973, marks Vanbartons 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.