July 9, 2019 — Newmark Knight Frank (NKF) has announced it has completed the $305 million sale of 901 Fifth Office Tower, a 41-story, Class A, 541,190-square-foot property located at the corner of Fifth Avenue and Madison Street in the core of downtown Seattle’s central business district.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll and Executive Managing Directors Rob Hannan and Ken White, represented the seller, a partnership of Schnitzer West and INVESTCORP. The buyer was Vanbarton Group, a privately owned, vertically integrated real estate investment and advisory firm with corporate offices in New York and San Francisco, and was represented by HFF.
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 million lobby renovation, which was significant to bolstering its competitive position in the local market.
“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.”
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.