print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

Investcorp, Schnitzer JV Secures $170M Refi for 901 Fifth Avenue Tower

HFF Arranges Financing for 540,589-SF Office Bldg. in Downtown Seattle
February 26, 2018
A joint venture between Schnitzer West, a real estate investor and developer who owns more than 1.5 million square feet of office space in Seattle and Denver, and Investcorp secured $170 million in financing for the 41-story 901 Fifth Ave. tower in downtown Seattle.

The partnership originally acquired the high-rise in June 2016 from RREEF, the real estate investment management arm of Deutsche Asset Management, for $223.3 million.

Michael Gigliotti, Tom Wilson and Michael Tepedino of HFF's debt placement team arranged the financing on behalf of the borrower, placing the loan through HSBC Bank USA, NA.

“The strong performance of the building, combined with the improvements made to the asset and the surrounding area, has led to the partnership’s ability to take advantage of the strong demand in the capital markets for high quality, well run Seattle office towers,” noted Gigliotti.

The 540,589-square-foot office tower was originally built in 1973, but was renovated in 2007 with more than $7 million in interior improvements. The building is also LEED-EB Platinum certified and is Energy Star-rated for its operating efficiency.

901 Fifth Ave. is located one block from the Third Avenue transportation corridor, which houses the Link light rail and numerous bus lines. Major tenants located within the Class A tower include St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook, Inc.
GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News