How to generate buffer around polygon that excludes another polygon

ChrisStephens1

Here's a visual of what I'm trying to do: http://imgur.com/m3ijxVI.jpg

Basically I'd like the "multiple ring buffer" tool to  treat polygon #3 as an 'impassable barrier' so the distance between polygon #1 and #2 excludes the possibility of crossing into the #3. Is this possible? I have ArcMap 10.2 with several extensions including spatial analyst.

Thanks for any help!