GT Capital, a Seattle-based commercial and residential real estate firm, and The Benaroya Co., a Pacific Northwest family real estate operation with roots going back to the 1950s, have jointly acquired 901 Fifth Avenue, a 41-story, 540,589-square-foot office tower in downtown Seattle, for $48.3 million, or about $89 per square foot, according to Commercial Property Executive citing Yardi Matrix data.
Vanbarton Group sold the building. Vanbarton had paid $304.5 million, or about $563 per square foot, to Schnitzer West and Investcorp in July 2019. Commercial Property Executive puts the decline at 84.1%, and by this piece’s arithmetic it is 84.1% as well. It’s worth being precise about the denominator: $48.3 million divided by $304.5 million gives 15.9% of the original price, meaning the building sold for roughly 16 cents on the 2019 dollar.
The 2019 purchase also carried a $199.1 million acquisition loan from Deutsche Bank Trust Co., per the brief. The coverage doesn’t say how that loan was resolved before or in connection with the sale, a gap worth flagging for any reader wondering whether this was a clean or distressed sale on Vanbarton’s side…