Investcorp Sees Opportunities in Debt, Equity

BELLEVUE, WA-Investcorp’s US-based real estate arm has sold its stake in the Bellevue, WA office towers known as Bravern Office Commons, the latest of three successful sales in the last three months that have generated over $610 million in gross proceeds. Investcorp, and its joint venture partner Schnitzer West LLC, completed the sale to a client advised by Principal Global Investors for $410 million.The primary asset in the sale is the 750,000-square-foot office complex in two high-rise towers, recently leased in full to Microsoft. The sale also includes an adjoining parking lot.

The sale of Bravern Office Commons follows Investcorp’s sale last month of its stake in the Maritime Plaza office complex in Washington, D.C. and its sale in June of the mortgage note backed by the Washington, D.C. headquarters of the US Coast Guard.