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HFF announces $170M refinancing of 901 Fifth Avenue in Seattle

02/26/2018

NEW YORK, NY – February 26, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $170 million refinancing of 901 Fifth Avenue, a 540,589-square-foot, Class A office tower in downtown Seattle, Washington. 

The HFF team worked on behalf of the borrower, a joint venture between Investcorp International Realty, Inc. and Schnitzer West, to secure the loan through HSBC. 

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 1998, 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 almost fully leased to credit tenants such as the City of Seattle, St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook, Inc.  The remaining space at the property is highly attractive and ready to be leased.    

The HFF debt placement team representing the borrower consisted of senior managing directors Michael Gigliotti and Tom Wilson and executive managing director Michael Tepedino.

“Investcorp and Schnitzer have done a phenomenal job since purchasing 901 Fifth in 2016,” said Gigliotti.  “The strong performance of the building, combined with the improvements made to the asset and the surrounding area, have 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.”

“The financing of 901 Fifth Avenue is one of the more significant closings for HFF since we formally opened the Seattle office in late 2017,” added Wilson, co-head of the HFF Seattle office.  “We were thrilled to be able to work with such strong client relationships at Investcorp and Schnitzer.”

About Investcorp
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis.  Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy.  The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in four lines of business: corporate investment, real estate, alternative investment solutions and credit management.  As at June 30, 2017, the Investcorp Group had $21.3 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 170 corporate investments in the U.S., Europe and the Middle East and North Africa region, including Turkey, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 450 commercial and residential real estate investments in the US, for in excess of $55 billion in transaction value.  Investcorp employs approximately 390 people across its offices in New York, London, Singapore and the Gulf. It is publicly traded on the Bahrain Bourse (INVCORP). For further information, including its most recent periodic financial statements, which details its assets under management, please visit: investcorp.com.

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 schnitzerwest.com.

About HSBC Bank USA, National Association (HSBC Bank USA, N.A.) 
HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with total assets of US$191.9bn as of 30 June 2017 (US GAAP), serves customers through retail banking and wealth management, commercial banking, private banking, asset management, and global banking and markets segments. It operates 229 bank branches throughout the United States. There are 146 in New York as well as branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of the FDIC.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,492bn at 30 June 2017, HSBC is one of the world’s largest banking and financial services organizations.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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