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June 30, 2016

Schnitzer West, Investcorp buy 901 Fifth office tower

Photo courtesy of Schnitzer West [enlarge]

Schnitzer West and Investcorp of New York have teamed up to acquire the 901 Fifth office tower in downtown Seattle.

The sale price was $223.3 million, according to King County records.

The sellers included Kennedy Wilson and RREEF North America.

The 41-story, 540,600-square-foot high-rise was built in 1973.

The property has 43 tenants, according to the new owners, including a mix of law firms, tech firms and professional service companies.

The majority of the interior tenant spaces have been renovated in recent years.

Schnitzer West and Investcorp said they plan to convert the Fifth Avenue lobby into a “great room” that makes use of an adjacent outdoor space.

Leasing team members include Daniel Seger, Lloyd Low and Tim Jones with Jones Lang LaSalle.

The tower “is a perfect offering for small to mid-size tenants that want well-located, creative space that can help attract and retain talent,” said Pam Hirsch, managing partner at Schnitzer West, in a statement.

Schnitzer West and Investcorp have worked together before, including a joint venture to develop the 1.6 million-square-foot Bravern mixed-use complex in Bellevue during the mid-2000s.

Schnitzer West is also developing the 37-story Madison Centre office tower at 505 Madison St. — across the street from 901 Fifth. The firm's other projects include Centre 425, a 16-story office building at 425 106th Ave. N.E. in Bellevue, and Urban Union, a 12-story office building at 501 Fairview Ave. N. in South Lake Union.

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