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November 15, 2019
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PACIFIC NORTHWEST NEWS
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Seattle Office High-Rise Acquired by Vanbarton Group in $305 Mil Deal

7/10/19

Vanbarton Group has purchased 901 Fifth Office Tower, a 41-story, 541.2k sf high-rise in downtown Seattle’s central business district, for $305 mil, or $564/sf. The Class A building is located at the corner of Fifth Ave and Madison St. It was sold by a partnership of Schnitzer West and INVESTCORP.

901 Fifth Office Tower encompasses nearly a full city block and is fully occupied by more than 40 tenants including Pitchbook, Cray, Inc., and Milliman Care Guidelines LLC. Approximately 18 months ago, the property underwent a transformative, $4.6 mil lobby renovation, which was significant to bolstering its competitive position in the local market.

901 Fifth is LEED Platinum certified and features upgraded state-of-the-art building systems, valet parking and on-site amenities including a fitness center, conference rooms, coffee shop/deli, landscaped outdoor plaza with seating and WiFi, and direct access to a full-service Bartell Drugstore. The asset also offers views of the city, Elliott Bay, the Olympic Mountains, and Mount Rainier, is one block from the Interstate 5 and provides easy access to the ferries, light rail and mass transit.

Newmark Knight Frank’s Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Ken White represented the seller in this transaction. The buyer was repped by HFF.

“Seattle is one of the country’s most coveted office markets for institutional capital, as a result, this asset achieved a significant amount of interest from both national and international firms,” said Shannon. “Vanbarton has followed the tremendous improvement of fundamentals in Seattle and made it a target market, with 901 Fifth representing its first acquisition.”




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