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Vanbarton Group in talks to spend $305m for Seattle office
Transactions - MAY 2, 2019

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Vanbarton Group in talks to spend $305m for Seattle office

by Andrea Zander

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) of office space was under construction in the region at the end of the quarter, with an additional 13.6 msf in the pipeline.

According to Cu

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