Bellevue, Washington – Our NNN Commercial Real Estate information is from the Pacific Northwest this evening. We see that Des Moines, Iowa-based Principal Real Estate Investors has recently acquired the Bravern Office Commons. This commercial real estate is a Class A office tower in downtown Bellevue. Principal Real Estate Investors purchased this commercial real estate from Investcorp, for the sum of $410 million. The Buyers received Investment Property financing was for the acquisition of Bravern Office Commons. The Investment Property, Bravern Office Commons, is the primary component of the Bravern. This commercial real estate development is a mixed-use trophy property development.
Purchase Office Buildings
The Bravern Office Commons offers approximately 750,000 square feet of class-A office space. The commercial real estate development is broken down into two buildings at the forefront of the Bellevue central business district (CBD). The description we have of the first Building, is that it is located at the corner of 112th Avenue NE and NE 8th Street. This Class A Office Building is comprised of approximately 250,000 square feet. Now we can describe the Building Two. as it is located at the corner of 110th Avenue NE and NE 8th Street. This Investment Property contains approximately 500,000 square feet. This Building Two is fully net-leased Office Building with a top Tenant in Washington or any area, and that is Microsoft.
Expansion for Property Portfolios
We reviewed the Commercial Property and these two buildings offer many distinct advantages for Tenants. The commercial real estate development has excellent Visibility and easy access for the Tenants of the buildings to get to and from Interstate 405. All three access entry points offer both valet and self parking options. These Investment Properties were built to be efficient. Net-lease Floor plans offer generous column free areas, compact cores and proven planning dimensions. Building systems are optimized to reduce operating costs while providing the flexibility for expansion and customization if Tenants grow.
This Commercial Real Estate development has another unique and innovative aspect. The Bravern Office Commons is able to blend hospitality design with practical working environments. The Commercial Property has indoor and outdoor spaces that feel extremely comfortable, for the net-leased tenants and clients. Also the Infrastructure of the Commercial Properties offer more robust power, HVAC and elevator systems than typically offered in comparable Office Buildings. We do not know if a 1031 exchange was in play with this commercial real estate transaction.
Principal Real Estate Investors who was acting on behalf of a client. Also one of the sellers that was not mentioned above was Schnitzer West L.L.C as they had a joint venture with Investcorp. The Investment Property financing appears to be very secure with these two class A office towers that are 100% net leased. There is also a seven-level parking garage. The entire commercial real estate development has two luxury residential towers with 455 units. The Bravern commercial real estate development was completed just a short time ago in 2009. This commercial real estate development was designed and constructed as one of the most prestigious mixed-use developments in the Country. When this commercial real estate development came on the market, it attracted plenty of interest from many NNN Commercial Real Estate Investors across the globe.
Luxury Anchor Tenants
The commercial real estate development has the capability to satisfy all Tenants in the Office Buildings with an upscale retail shopping center in walking distance. This retail shopping center portion contains 309,914 square feet that is anchored by high-end Neiman Marcus. This prestigious Class A Office Complex is located about 10 miles outside of Seattle. The investment Property is situated in Bellevue’s central business district. Bravern Office Commons is the main centerpiece of the commercial real estate development.
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