ATLANTA, Jan. 7, 2020 /PRNewswire/ -- Invesco Ltd. today announced that Invesco Real Estate, the company's global real estate investment business, has acquired two Class A office buildings within the broader Bravern mixed-use development in the CBD of Bellevue, Washington for an undisclosed amount. The office buildings have been acquired from Principal Real Estate and PNC Realty on behalf of one of Invesco Real Estate's institutional separate account clients. The offices are 100% leased to the Microsoft Corporation.
Chris Cole, Senior Director, Transactions at Invesco Real Estate commented: "This is a premier mixed-use asset comprising office, retail and residential. The office space provides a tremendous environment for Microsoft's employees and we look forward to a long-term relationship with this outstanding tenant. The Bravern is a good example of a true live/work/play environment and will soon be adjacent to Bellevue's soon-to-open light rail station. We believe this prime office space fits our client's real estate portfolio well, as they seek institutional quality real estate with long term value in the best international locations."
The office component of Bravern consists of 750,000 sq ft and sits atop 305,000 sq ft of high-end retail space adjacent to 455 luxury apartments. The Bellevue CBD is a highly desirable office location due to its walkable amenities, local transit options and surrounding residential neighborhoods. Bravern is conveniently located in Bellevue and with the opening of the adjacent Bellevue CBD light rail station the Bravern office complex will be directly connected to Microsoft's Redmond campus.
Chris continues: "The Bellevue CBD is a well-established and highly amenitized office submarket which has become one of the most sought-after locations for technology tenants in not only greater Seattle but the entire country. We look forward to working closely with Microsoft, with whom we already have an established relationship. This asset represents the type of differentiated offices desirable to the most innovative companies, seeking an attractive work environment and location that allows them to continue to attract and retain the best talent in the world."
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of November 30, 2019. For more information, visit Invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $81.3 billion in real estate assets under management, 534 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/19). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
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SOURCE Invesco Ltd.