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January 21, 2020
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Invesco Real Estate Buys 750k sf Class A Office Asset in Washington

1/07/20

Invesco Real Estate, on behalf of a separate account client, has acquired The Bravern Office Commons in Bellevue, WA. The 749.7k sf, Class A asset consists of two office buildings that are both leased in their entirety to Microsoft Corporation, and a seven-level, subterranean parking garage containing approximately 3,134 stalls.

Although a price was not immediately given out, we have heard that the deal came in near $585 mil, or around $780/sf.

Built in 2009, the property includes a 12-story, 255.2k sf building located at 688 NE 110th Ave and a 23-story, 494.5k sf building located at 11025 NE 8th St. The property is also built above a seven-level, 35-acre subterranean parking garage. The property is part of a world-class mixed-use development that includes 305k sf of luxury retail space featuring brand names such as Jimmy Choo and Louis Vuitton, among many others, and two high-end residential towers containing 455 units.

The Bravern Office Commons is located adjacent to the 405 Fwy at NE 8th and 112th Ave NE in Downtown Bellevue within Seattle’s Eastside market. It features prominent freeway visibility and is one block from the Eastlink Light Rail – when completed in 2023, it will provide direct access to Microsoft’s world headquarters in Redmond, WA.

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. Invesco was self-represented. NKF's Vice Chairman David Milestone and Senior Managing Director Brett Green arranged the financing on behalf of the buyer.

“This trophy asset was strategically marketed to a limited group of targeted investors on an off-market basis,” said Shannon. “The off-market process produced strong interest from both domestic and foreign capital, however, the most competitive bidders at the latter stages of the marketing process were all foreign capital sources, which isn’t unusual in Seattle.”

Seattle’s Eastside market has grown to be a hotbed for innovation in the business services, software, technology and wireless industries and is home to many major companies, including Microsoft, Costco, Expedia, T-Mobile USA, and Nintendo of America, among others.




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