Schnitzer West is acquiring The Bravern, the two-tower downtown Bellevue office complex that fell into default last year after Microsoft vacated the property, as first reported by Puget Sound Business Journal.
Schnitzer West confirmed the deal Friday and said it plans to reposition the 750,000-square-foot complex for new tenants, bringing the space back onto Bellevue’s expanding office market. The company expects to close on the purchase this fall.
The purchase ends a bidding process that drew several potential buyers.
The purchase also returns The Bravern to Schnitzer West’s ownership. The Bellevue-based developer originally built the complex before selling it in 2010 for $410 million.
Located at 112th Avenue Northeast and Northeast Eighth Street, The Bravern’s office towers were fully leased by Microsoft starting in 2009 until the tech giant announced in 2023 it would not renew its lease, choosing instead to consolidate operations at its Redmond headquarters. The departure ended Microsoft’s largest office lease in the Puget Sound region and left both towers vacant.
The property’s ownership group, Invesco and Australian Retirement Trust, which had purchased The Bravern from Principal Financial Group in 2020 for about $585 million, transferred the debt to a special servicer in September 2025 amid concerns over an “imminent monetary default” on $304 million in mortgage debt tied to three commercial mortgage-backed securities loans.
Australian Retirement Trust, formerly QSuper, was the entity that defaulted on the loans.
King County Superior Court records show the court approved this spring for the sale process, with Eastdil Secured overseeing the marketing effort.
The Bravern’s valuation had fallen sharply since Microsoft’s exit. Morningstar estimated the property’s value at $267.9 million in August 2025, less than half of its $605 million appraisal in early 2020, when the towers were fully occupied, and Microsoft had invested more than $181 million into the office build-out.
The Broderick Group has continued handling leasing for the property and is preparing a renewed push to attract multiple tenants. A $30 million “Microsoft Reserve Cap,” set aside under earlier loan agreements for tenant improvements and leasing commissions, remains available for that effort.
The Bravern’s separately owned retail and residential components were not part of the default or the sale to Schnitzer West.
