Office Towers in Bellevue—among the Largest Deal in 2010

February 01, 2011 / Elizabeth Buckley, Commercial Property Analyst

The sale of two office towers and an underground parking area last fall is said to be one of the biggest commercial real estate sale in the Western Hemisphere. Schnitzer West, a real estate developer, manager, and investor sold the office towers with the parking garage in its Bravern mixed-use development in Belluve of King County, Washington, last fall 2010 for about $410 million to Des Moines, Iowa- based Principal Real Estate Investors— Principal Financial’s real estate division.

Office Towers in Bellevue—among the Largest Deal in 2010

The sale of the underground parking garage and the two office towers in the high- end development for about $420 million is said to be the eighth- biggest real-estate deal in the Western Hemisphere for 2010, and the 24th- biggest sale globally, according to Real Capital Analytics, a research firm that specializes in commercial real estate.

Schnitzer West sold the office towers in its mixed- use development for a high price because of Microsoft Corp’s long-term leasing agreement for it.

But the developer still owns The Bravern’s two residential towers and a high- end shopping center.

The Bravern underground and office towers sale is said to be part of the global economic recovery for 2010, which is spurred partly by low interest rates and easier mortgage and credit, said Real Capital Analytics.

According to the research firm’s report, real estate transactions worth $10 million and above were up by 44 percent worldwide.

Seattle, Washington is among the busiest market globally. In 2010, another of Bellevue’s downtown office towers is sold for $310 million to Cole Real Estate Investors, which ranked 19th for the largest sale in South and North America.

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