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Bravern $410m Sale October 1, 2010

Posted by Sean Tufts in Articles, Development, Research/Data, Retail News.
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Schnitzer West has sold the office portion of the high-profile Bravern Towers in downtown Bellevue for $410m.  Both towers were fully leased to Microsoft.

Bravern developer Schnitzer West said Thursday it sold the 750,000-square-foot office portion of its new mixed-use project off Interstate 405, plus an underground parking garage, to Principal Real Estate Investors of Des Moines, Iowa. The price amounts to nearly $547 a square foot.”

This is the 3rd large, class A, asset that Schnitzer has sold in just over a year as the company continues to clean up their books, reduce their debt, and position themselves for new opportunities.  It will be interesting to see how long they continue to own the retail portion of the Bravern, which has struggled to fully maximize it’s potential.

Check out the property’s website www.thebravern.com/office-commons.

Seattle Times article here.
PSBJ article Here.
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