Vanbarton Looks Beyond NYC To Seattle for Potential Conversion

NYC-based Vanbarton Group, working on three office-to-residential conversions in NYC, including 160 Water Street in the Financial District, is looking beyond the Big Apple to Seattle for its next possible conversion, The Real Deal reported earlier this month, citing a source familiar with the transaction. The Seattle building is a six-story distressed Shorenstein asset currently sitting vacant at 2601 Elliott Avenue in the Belltown neighborhood. Vanbarton bought a US$25-million loan valued at more than US$120 million from Wells Fargo for Shorenstein to transfer ownership of the 345,000-ft² asset in lieu of foreclosure. In addition to residential conversion, Vanbarton is also talking to office users about acquiring the building. Conversion continues to pick up steam as hybrid work persists and interest rates rise, TRD observed, noting that Don Peebles has tamped up with a partner to convert office buildings in 10 cities including Atlanta, Boston, NYC, San Francisco and Washington, D.C.