HSH Nordbank AG will provide financing in the amount of US $684 million (c. €462m) for the construction of a building complex in Bellevue near Seattle (Washington state, USA). The project development named 'The Bravern' will include a GLA of about 148,700 m² in high-end office space as well as in retail space and condominiums belonging in the luxury segment. The project developers are two companies, Investcorp and Schnitzer West LLC, who realise the project within the framework of a joint venture.
The loan funds made available by HSH Nordbank are earmarked for the construction of the property, with the completion scheduled for early 2010. Initial preparatory work was begun as early as May 2006. With 68,900 m², two class A office towers make up the major part of the complex. Another 51,700 m² are intended for 460 luxury condominiums. The remaining 28,300 m² are reserved for luxury segment retail businesses, including a Neiman Marcus apparel store as anchor tenant. In addition, about 3,100 parking spaces are planned.
"We support this project development because the Seattle region is an attractive business location, and because we expect that the planned building, what with the various types of floor-space it offers, will perfectly complete the local market," says Claudio Lagemann, Global Head of Real Estate at HSH Nordbank. The favourable demand situation is suggested, for instance, by the fact that the entire office space was let to Microsoft, but also by the fact that the supply in retail space in the region is only about half as large as the US average. Lagemann: "Moreover, because of its planned mixed usage, the project does not depend on the development of a single real estate market segment, but offers in and of itself a certain diversification effect."
Source: HSH Nordbank