Vanbarton Group has acquired a $305m (€270m) office tower in Seattle, kicking off its expansion plans that could see it invest more than a $1bn dollars in the US city’s real estate market.
The real estate fund manager announced the acquisition of the 541,190sqft 901 Fifth Avenue office building.
According to people familiar with the matter, Vanbarton’s debut acquisition in Seattle was made for two of its separate account clients.
The 41-storey building, which was acquired from Schnitzer West and Investcorp, is intended to be held for the next eight to 10 years.
Sources said the manager is planning to invest an additional $500m to $1bn of equity over the next several years in Seattle, targeting office, multifamily and retail assets.
Vanbarton’s primary markets have been New York, Los Angeles and San Francisco, although the company has a minor presence in Chicago and Florida.
Vanbarton declined a request for comment.