BELLEVUE, WASH. — Invesco Real Estate has acquired Bravern Office Commons, two Class A office buildings within the Bravern mixed-use development in Bellevue, about 10 miles east of Seattle.
A joint venture between Principal Real Estate and PNC Realty sold the office properties, which are fully leased to Microsoft Corp. The purchase price was $585 million, according to several media reports.
The office component of Bravern includes 749,694 square feet of space and a seven-level, subterranean parking garage with 3,134 stalls. Bravern Office Commons sits atop 305,000 square feet of retail space, which is adjacent to 455 luxury apartments. Built in 2009, the office asset includes a 12-story, 255,171-square-foot building located at 688 NE 110th Ave. and a 23-story, 494,523-square-foot building located at 11025 NE Eighth St.
“The Bellevue central business district is a well-established and highly amenitized office submarket, which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country,” says Chris Cole, senior director of transactions at Invesco Real Estate.
Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rob Hannan, Tim O’Keefe and Alex Foshay of Newmark Knight Frank (NKF) represented the seller, while Invesco was self-represented in the transaction. Additionally, NKF’s David Milestone and Brett Green arranged financing on behalf of the buyer for the deal.
Invesco Ltd. is a global independent investment management firm. With offices in 25 countries, the firm managed $1.2 trillion in assets on behalf of clients worldwide as of the end of November. Invesco Real Estate maintains $81.3 billion in real estate assets under management.
— Kristin Hiller