The Bravern’s office towers, which are entirely filled by Microsoft, were sold for $410 million. The 750,000 square-foot office spaces sold to the Principal Real Estate Investors of Des Moines, Iowa for about $547 per square foot.
This price represents a healthy premium for Schnitzer West, the seller of the property. According to the Seattle Times, previous to the recession the Downtown Bellevue and Seattle premium office space would sell in the upper $500 – $600 range.
Tags: The Bravern
“…previous to the recession the Downtown Bellevue and Seattle premium office space would sell in the upper $500 – $600 range.” Is this statement saying that the Towers would have sold for $500 – $600 million in a better market or that the price per square foot is the same as before the recession since it sold for $547/sf?
$500 – $600 per sq foot
Smart move by Schnitzer West.
This will help their cash flow a lot I think, so they won’t be forced to foreclose some of their properties.
Some of their condo projects are quite nice.
I wonder how this will affect the entire management of the property? Would it affect the commercial vacancies in a positive or negative way? It’s a good sign that there was a buyer given the times we are in.
When will people start to move into the North Residential Tower…….