JLL closes $305M sale and $169M financing of 901 Fifth Avenue in Seattle

SEATTLE, July 11, 2019 – JLL announces that it has closed the $305 million sale and $169 million financing of 901 Fifth Avenue, a 541,190-square-foot, Class A office tower in downtown Seattle.

JLL represented the seller, a joint-venture between Investcorp International Realty and Schnitzer West, and procured the buyer, Vanbarton Group, LLC.  Additionally, JLL worked on behalf of Vanbarton to secure the seven-year, fixed-rate acquisition loan.

901 Fifth Avenue is situated within Seattle’s central business district just one block from the Third Avenue transportation corridor, which houses the Link light rail and numerous bus lines.  Additionally, the property is also just one block from Interstate 5, one of the region’s primary north south freeways.

Originally built in 1973, the core office asset was recently renovated with more than $7 million in improvements, including lobby renovations, updates to the conference center and executive board room.  901 Fifth Avenue is fully leased to a multitude of credit and reputable tenants.

The JLL Capital Markets team representing the seller was led by Kevin Freels, Gerry Rohm, Michael Leggett and Logan Greer.

JLL’s Capital Markets team representing the buyer/borrower included Michael Tepedino and Tom Wilson.

“The Seattle office market continues to thrive; We are speaking with new capital sources on a weekly basis seeking to establish a larger footprint both in the Seattle CBD and on the Eastside. 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,” Freels said. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

About Investcorp

Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.  As at December 31, 2018, the Investcorp Group had US$ 22.5 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.  Since its inception in 1982, Investcorp has made over 185 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $59 billion in transaction value.  Investcorp employs approximately 400 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please visit:

www.investcorp.com

www.twitter.com/Investcorp @investcorp

www.linkedin.com/company/Investcorp

About Schnitzer West, LLC

Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies.  Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Corp.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise.  Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management.  To date, it has developed in excess of 6.5 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space and luxury multi-family residential and is currently developing approximately 1.5 million square feet of office in Seattle and Denver.  Additionally, it has acquired and repositioned approximately 1.7 million square feet of commercial product.  Currently, its Asset Operations group actively manages 4.8 million square feet of office, retail, industrial and bio-tech property for a variety of clients.  Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States. Learn more at www.schnitzerwest.com.

About Vanbarton Group

Vanbarton Group is a privately owned, vertically integrated real estate investment and advisory firm founded in 1992 with corporate offices in New York City and San Francisco.  With its proven expertise successfully investing across the capital stack in varying ways throughout real estate cycles, Vanbarton's investments include U.S. domestic core plus, value-add and opportunistic equity investments, preferred equity, junior participations, bridge loans, secondary market debt acquisitions and securitized credit.  To find out more about Vanbarton, please call 212-293-8800, or visit the firm’s website at www.vanbartongroup.com.