Newmark has completed the sale of The Bravern Office Commons in Bellevue, WA. The 749,694-square-foot (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.
Newmark’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 advising a separate account client, was self-represented. Newmark’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.”
Built in 2009, the property includes a 12-story, 255,171-sf building located at 688 NE 110th Ave. and a 23-story, 494,523-sf building located at 11025 NE 8th Street. 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 305,000 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 freeway 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.
Seattle’s Eastside market has grown to be the hotbed for innovation in the business services, software, technology and wireless industries and is home to companies including Microsoft, Costco, Expedia, T-Mobile USA, and Nintendo of America, among others.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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