Bravern Office Commons Sells For $585M
Invesco Real Estate recently acquired Bravern Office Commons, which is fully leased to Microsoft, for $585M.
Rebusiness Online first reported the news.
The 750K SF Class-A portfolio was built in 2009 and includes a 12-story, 255K SF building at 688 NE 110th Ave. and a 23-story, 495K SF building at 11025 NE Eighth St.
The complex includes 305K SF of retail occupied by Jimmy Choo, Louis Vuitton and others, and a seven-level subterranean parking garage with 3,134 stalls. Two residential towers include 455 units.
NKF’s co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Directors Ken White, Rob Hannan and Tim O’Keefe, and Vice Chairman Alex Foshay represented the seller, a joint venture of Principal and PNC Realty Investors.
The buyer, Invesco Real Estate, was self-represented. NKF's Vice Chairman David Milestone and Senior Managing Director Brett Green arranged the financing on behalf of the buyer.
Bellevue has seen several real estate transactions since Amazon announced it would move its worldwide operations team there by 2023, along with thousands of jobs. The pending arrival of light rail is also spurring interest in the city and driving up property values. Recent transactions include Bell Partners purchasing 3040 Apartments in Redmond for $96M, and Sunset North office complex selling for $227M.
