Real estate private equity firm Vanbarton Group has plans to purchase its first Seattle property for its $1 billion core fund, reported The Real Deal, citing unnamed sources.
The 41-story office tower at 901 Fifth Avenue has a $305 million price tag. The sellers are Seattle-based real estate investment firm Schnitzer West and the Middle Eastern global asset manager Investcorp.
The Puget Sound region experienced record-high rates of job activity, investment, and construction heading into 2019, according to Cushman & Wakefield. Nearly 40,000 new jobs were added year-over-year, with unemployment falling 40 basis points (bps) to 3.8 percent (matching the national rate). Investment in the region has been going strong, with $1.7 billion of transactions recorded in the first quarter. Over 5.1 million square feet (msf)
