The New York-based real estate arm of Investcorp, a Bahrain-headquartered private investment firm, is developing a 1.6 million-square-foot, mixed-use project in Bellevue, Washington, outside of Seattle. The office, retail and residential project is valued at $800 million (€588 million).
Sources familiar with the transaction say Investcorp’s equity investment in the project is approximately $180 million, the firm’s largest to date.
The complex, known as The Bravern, will feature 750,000 square feet of office space, which has already been leased to Microsoft; 305,000 square feet of retail space, featuring a 125,000-square-foot Neiman Marcus store; and two 29-story condominium towers housing 456 units. Investcorp is working with Seattle developer Schnitzer West on the project.
The development has been under construction for more than a year and individual buildings will begin to be completed by the middle of next year, according to the firm.
“The Bravern is an extremely compelling mixed-use development opportunity in a market characterized by high barriers to entry, above-average growth, extraordinary demographics and strong real estate fundamentals,” said Investcorp principal Herb Myers in a statement. “This is a further addition to Investcorp’s opportunistic investment portfolio, which today exceeds $2 billion in 11 separate projects around the country.”
Investcorp recently opened a Los Angeles office—the first apart from its New York headquarters—to oversee projects in the Western US. The firm, which focuses on US property, has approximately $4 billion in assets under management in various value-added and opportunistic strategies.