July 10, 2019
901 Fifth Office Tower, a 41-story, 541,190-square-foot property in Seattle’s CBD has traded hands for $305 million. The buyer was New York-based Vanbarton Group, while the seller was a partnership of Schnitzer West and Investcorp.
The Class A, LEED Platinum certified property encompasses nearly a whole city block, and is fully occupied by more than 40 tenants including Pitchbook, Cray, Inc., and Milliman Care Guidelines, LLC. Roughly 18 months ago, the asset underwent a transformative, $4.6-million lobby renovation, which helped bolster its competitive market position.
NKF’s Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Ken White represented the seller. HFF represented the buyer.
Shannon says, “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. Vanbarton has followed the tremendous improvement of fundamentals in Seattle and made it a target market, with 901 Fifth representing its first acquisition.”
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
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