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.
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.
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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