BELLEVUE, WA-Des Moines, Iowa-based Principal Real Estate Investors, previously purchased the Bravern Office Commons, a class A office tower in downtown Bellevue from Investcorp, for $410 million, as GlobeSt.com previously posted. An unidentified source tells GlobeSt.com that the “just closed $205 million financing on the 750,000-square-foot office property, was an acquisition financing that simply didn’t close at the same time as the sale.”
A Holliday Fenoglio Fowler LP team including professionals from New York, San Francisco and Dallas offices arranged the first mortgage financing. HFF senior managing directors Michael Tepedino and Bruce Ganong along with executive managing director Jody Thornton worked on behalf of the borrower, Principal Global Investors, to secure a 10-year, fixed-rate loan through Pacific Life Insurance Co.
Loan proceeds were used in connection with the acquisition of the office and garage components of the property, according to HFF. The Bravern Office Commons is the primary component of the Bravern, a mixed-use trophy asset comprised of two class A office towers that are 100% net leased to Microsoft; a seven-level parking garage; two luxury residential towers containing 455 units; and an upscale retail village containing 309,914 square feet anchored by Neiman Marcus.
“The Bravern project was completed in 2009 and was designed and constructed as one of the most preeminent mixed-use developments in the US. The sale of the Bravern Office Commons attracted interest from domestic and international investors,” says Ganong.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
