BELLEVUE, WA-Investcorp’s US-based real estate arm has sold itsstake in the Bellevue, WA office towers known as Bravern Office Commons, the latest of threesuccessful sales in the last three months that have generated over$610 million in gross proceeds. Investcorp, and its joint venturepartner Schnitzer West LLC, completed the sale to a client advisedby Principal Global Investors for $410 million.The primary asset inthe sale is the 750,000-square-foot office complex in two high-risetowers, recently leased in full to Microsoft. The sale alsoincludes an adjoining parking lot.

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The sale of Bravern Office Commons follows Investcorp’s salelast month of its stake in the MaritimePlaza office complex in Washington, D.C. and its salein June of the mortgage note backed by the Washington, D.C.headquarters of the US Coast Guard.

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Herb Myers, a managing director in Investcorp’s real estategroup, points out that “These were all profitable exits, eventhough, in the case of Maritime Plaza and the Bravern, theseacquisition investments were made in 2005 and 2007 respectively,when the market was at its peak.” He adds that “This is a resultboth of our selection of high quality properties and activemanagement during ownership.”

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With increasing levels of liquidity in today’s market, Myerssays that “we are now also seeing buying opportunities in both theequity and debt spaces. In fact, we are actively negotiating toacquire over $120 million of new deals in the next 30-45days.”

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Investcorp originally invested in the Bravern in 2007 as part ofa joint venture with Schnitzer West to develop a1.6-million-square-foot premium mixed-use development complex. Inaddition to the office space, the complex includes two luxuryresidential towers and a retail shopping center anchored by NeimanMarcus. The total value of the transaction at the time exceeded$800 million. Investcorp retains its stake in the two residentialrental towers and the 305,000-square-foot luxury retail space thatincludes marquee brands Jimmy Choo, Hermes and Louis Vuitton.

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Maritime Plaza I and II make up a two-building class A officecomplex encompassing 362,000 square feet adjacent to the WashingtonNaval Yard. Investcorp acquired the complex in 2005 with BrickmanAssoc. Since then, Investcorp and Brickman have added 16,000additional square feet of space, pared operating costs and obtainedfull lease capacity. Investcorp completed the sale of its Maritimestake in September for $119 million to Corporate Office PropertiesTrust Inc.

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In June, Investcorp’s Real Estate Credit Fund completed its saleof the mortgage note to the Coast Guard building to Talos CapitalLimited for $89 million. The Fund acquired the note in 2009 for $76million, a steep discount to its $100 million par value. The dealcame ahead of the note’s 2014 due date as the Fund took theopportunity to exit at a profit before investing in improvements toattract a tenant when the Coast Guard’s lease expires.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.