According to King County Superior Court records, approval has been granted for the sale process of The Bravern’s office towers, clearing a major step toward returning the downtown Bellevue property to market.
With Eastdil Secured now overseeing the sale process, one of the Eastside’s largest office properties is officially being positioned for new ownership.
The Bravern’s office towers span approximately 750,000 square feet and were previously fully leased by Microsoft, which occupied the property beginning in 2009. The company officially announced in 2023 that it would not renew its lease, choosing instead to consolidate operations at its headquarters in Redmond, leaving the two towers vacant.
According to a previous report by Puget Sound Business Journal, QSuper, part of the Australian Retirement Trust, is the ownership group that defaulted on the property.
The Bravern was purchased in early 2020 by Invesco and Australian Retirement Trust from Principal Financial Group in a deal valued at approximately $585 million, according to King County records. At the time of purchase, the property was appraised at $605 million and fully occupied by Microsoft, which had invested more than $181 million into the office buildout.
Earlier reporting showed that The Bravern was facing an imminent default on $304 million in mortgage debt, which transferred to a special servicer in September after loan servicing reports cited concerns over an “imminent monetary default.” The debt is split across three loans tied to separate commercial mortgage-backed securities, all scheduled to mature in January 2027.
With Microsoft’s departure, ownership had already begun repositioning the property for multitenant leasing. The Broderick Group has been handling leasing efforts and preparing to attract new tenants in what remains a challenging office market for large commercial spaces.
Loan documents also indicate that a $30 million “Microsoft Reserve Cap” had been set aside for tenant improvements and leasing commissions in anticipation of Microsoft vacating.
The Bravern’s valuation has declined sharply since Microsoft’s exit. According to debt filings and market reports, the property’s estimated value dropped to approximately $267.9 million, less than half of its 2020 valuation.
