Invesco Real Estate, Invesco’s global real estate investment business, has acquired two Class A office buildings within the broader Bravern mixed-use development in the CBD of Bellevue, Washington for an undisclosed amount.
The Class A office buildings in Bellevue have been acquired from Principal Real Estate and PNC Realty on behalf of one of Invesco Real Estate’s institutional separate account clients. The offices are 100% leased to the Microsoft Corporation.
The office component of Bravern consists of 750,000 sq ft and sits atop 305,000 sq ft of high-end retail space adjacent to 455 luxury apartments.
“This is a premier mixed-use asset comprising office, retail and residential. The office space provides a tremendous environment for Microsoft’s employees and we look forward to a long-term relationship with this outstanding tenant. The Bravern is a good example of a true live/work/play environment and will soon be adjacent to Bellevue’s soon-to-open light rail station. We believe this prime office space fits our client’s real estate portfolio well, as they seek institutional quality real estate with long term value in the best international locations,” said Chris Cole, Senior Director, Transactions at Invesco Real Estate.
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“The Bellevue CBD 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. We look forward to working closely with Microsoft, with whom we already have an established relationship. This asset represents the type of differentiated offices desirable to the most innovative companies, seeking an attractive work environment and location that allows them to continue to attract and retain the best talent in the world,” Cole said.