April 5, 2007
Microsoft Commits to 1.3 Million Square Feet of Office Space in Bellevue With Schnitzer Northwest
Schnitzer Northwest is pleased to announce Microsoft will lease all available office space at its Bravern and Advanta developments. Microsoft’s decision to lease all office space at The Bravern Office Commons and Advanta Office Commons in Bellevue means most of its Eastside office portfolio is nearly fully leased – and it means the company he co-founded will have to make other plans for its own headquarters, said Dan Ivanoff, managing investment partner.
Not that he is disappointed, he emphasized!
"Having two of the world’s most respected brands as anchor tenants is a resounding validation of the Schnitzer Northwest philosophy and approach to real estate development and asset management," Ivanoff stated, referring to Microsoft Corp and Neiman Marcus.
Bellevue Mayor Grant Degginger also expressed he is ecstatic to have Microsoft expand its presence in his city. "We are delighted that both Microsoft and Neiman Marcus will become the front door to downtown Bellevue at The Bravern," he said.
Although unable to attend the news conference when Microsoft announced its decision to lease the 740,000 square feet of office space at The Bravern, a representative of Neiman Marcus welcomed the announcement. "We are thrilled to have Microsoft as our new neighbor," said Wayne Hussey, the luxury retailer’s senior vice president for properties & store development. "The addition of Microsoft to The Bravern clearly distinguishes it as the premier retail, office and residential venue in Bellevue as well as the Pacific Northwest". Neiman Marcus will open its first store north of San Francisco at The Bravern, occupying 125,000 square feet on three floors in 2009.
In addition to the 740,000 square feet in two towers at The Bravern, Microsoft is leasing all 600,000 square feet in three 7-story Class A office buildings at Advanta Office Commons @ I-90.
"As the latest additions to Microsoft’s campus expansion efforts in the Puget Sound area, we are thrilled to be moving 4,000 of our current and future talent into the Bravern and Advanta developments," said Lou Gellos, Microsoft Corp., "Washington is our home, the center of gravity of our work, and we’re excited to be a part of the reinvigorated business community in Bellevue."
Ivanoff said Schnitzer Northwest has approximately 5 million square feet of office, condo, retail and industrial space under development regionally. The portfolio includes three office properties in Seattle totaling 1.65 million square feet, as well as 200,000 square feet in Bothell, all with available space.
Ivanoff said Schnitzer Northwest does not expect to take on more ground up office developments in the current development cycle, despite the market acceptance they’ve enjoyed. Ivanoff stated "I credit much of the success to our talented investment people, the company’s entrepreneurial strategies and our unwavering commitment to enhancing the communities where we live, work and play."
Among the core principles he cited are extensive market research, customer-focused designs that provide superior operating efficiencies and "out of the box" solutions that set new standards for quality, utility and value.
As for a future home for his own Bellevue-based commercial real estate and investment company – which Ivanoff had planned to relocate to The Bravern -- Ivanoff said he’s confident his team will find – or develop – a solution, just as they have for Microsoft and Neiman Marcus.
About Schnitzer Northwest
Schnitzer Northwest, LLC is one of the Pacific Northwest’s leading commercial real estate investment, development and management companies. Formed in 1997 by Managing Investment Partner Dan Ivanoff and Portland-based Schnitzer Investment Corp., Schnitzer Northwest has established an enviable track record throughout the Seattle and Portland markets. Since its inception, Schnitzer Northwest has developed approximately 2.0 million square feet of Class A and suburban office, biotech and multi-family. In addition, the Company has acquired and, in most cases, repositioned an additional 1.0 million square feet of commercial product. It now manages 9 million square feet of commercial property. Schnitzer Northwest was named Developer of the Year for 2000 by the Washington Chapter of the National Association of Industrial and Office Properties.
About The Bravern
The Bravern consists of 740,000 square feet of Class-A office space, over 300,000 square feet of upscale retail and world-class restaurants, and two residential towers housing 450 upscale condominium homes, at the gateway to Bellevue.
For more information on The Bravern: www.thebravern.com
For more information on The Residences at The Bravern: www.bravernresidences.com
About Advanta
Advanta consists of 600,000 square feet of office space in three 7-story buildings, oriented around an outdoor Plaza. Advanta is the only close-in Class A suburban office space to be built along Bellevue’s I-90 corridor in the next five years.
For more information on Advanta Office Commons: www.schnitzernorthwest.com/I-90.htm
For Additional Information:
Cheri Brennan, Alliance Communications – 425.957.0654
Cheri4pr@sprynet.com
Dan Ivanoff, Schnitzer Northwest – 425.452.3700
