Bottega Veneta Entering Northwest Through Bravern

BELLEVUE, WA-Luxury retailer Bottega Veneta will open its first Northwest location in the Bravern mixed-use development next to the Meydenbauer Convention Center in Downtown Bellevue. The Gucci-owned purveyor of $1,500 woven leather handbags has leased 1,700 sf and plans to open in September 2009, along with the rest of the 1.6 million-sf, four-tower office, residential and retail development.

Anchored by a 125,000-sf Neiman Marcus, the 305,000-sf retail portion of the Bravern will be spread on two levels that will connect the two office towers and two condominium towers. A source with the development group tells GlobeSt.com that BV will be on the first level, fronting 110th Avenue Northeast off at the main entrance to the property. Other higher-end retailers that have signed on for space at the Bravern include Jimmy Choo, Louis Vuitton, Red Door Spa and David Barton Gym. Restaurants that have signed on for space include John Howie Steakhouse and Wild Ginger.

The developer, Schnitzer West, a Seattle-based company funded by Portland, OR-based Schnitzer Investment Corp., sold a majority stake in the five-acre development in June 2007 to the Los Angeles-based real estate investment group of Investcorp International Ltd., which is traded on the London and Bahrain stock exchanges. The deal, which valued the development at more than $800 million, came as Microsoft was finalizing a lease for the entirety of the 740,000-sf office component. The lease agreement was announced in September 2007.

The residential portion of the project will have 455 condominiums in two towers, and the whole development will sit atop a 3,100-stall underground parking garage. Schnitzer West declined to provide the current asking lease rate for the remaining retail space or say how much retail space remains available. It also declined to provide sales data for the residential component.