SEATTLE, July 11, 2019 /PRNewswire/ -- 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.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. Our vision is
to reimagine the world of real estate, creating rewarding
opportunities and amazing spaces where people can achieve their
ambitions. In doing so, we will build a better tomorrow for our
clients, our people and our communities. JLL is a Fortune 500
company with annual revenue of $16.3
billion, operations in over 80 countries and a global
workforce of over 91,000 as of March 31,
2019. JLL is the brand name, and a registered trademark, of
Jones Lang LaSalle Incorporated. For further information, visit
jll.com.
Connect with us:
https://www.linkedin.com/company/jll
https://www.facebook.com/jll/
https://twitter.com/jll
https://plus.google.com/+joneslanglasalle
Contact: Kevin Freels, JLL Director
Phone: +1 206 576 0030
Email: Kevin.Freels@am.jll.com
Contact: Thomas Wilson, JLL Senior Managing
Director
Phone: +1 206 576 0050
Email: Kevin.Freels@am.jll.com
Contact: Kristen Murphy, JLL, Director, Public
Relations
Phone: +1 617 338 0990
Email: Kristen.Murphy@am.jll.com
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