BELLEVUE, WA-Schnitzer West has sold a majority stake in its 1.6-million-sf, under-construction office, residential and retail development here to the US-based real estate group of Investcorp, which is publicly traded on the London and Bahrain stock exchanges. Investcorp says the total value of their transaction exceeds $800 million.

Situated next to the Meydenbauer Convention Center in Bellevue’s CBD, the six-acre Bravern development includes 750,000 sf of office space in two high-rise office towers, which have been fully preleased; 305,000 sf of luxury retail space, 125,000 sf of which will become a Neiman Marcus store; and two 29-story residential towers containing 456 for-sale apartments. The office building will be delivered in mid-2008; the remainder of the development is scheduled for delivery between then and the end of 2009.

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