October 18, 2005
Eastside Busines Weekly
New Schnitzer Northwest Landmark to Become the Gateway To Bellevue
Schnitzer Northwest today (Oct 18) announced plans for a vibrant urban destination in downtown Bellevue featuring innovative office space, hospitality-inspired interiors, inviting outdoor 'rooms,' an upscale retail collection and destination dining. This latest signature development for Schnitzer Northwest has been meticulously designed to create a memorable experience for tenants and guests, while adding a new level of distinction to the city's center.
The Bravern is located at NE 8th St. and 112th Ave. NE on the superblock shared with Meydenbauer Center. It will bring together two office buildings with an upscale retail collection and destination restaurants around a grand arrival court and open-air plaza. A subterranean garage will accommodate 1,860 cars and a 70-space surface lot will make parking easy for shoppers and diners. The Bravern will be easily seen from I-405 and visitors will enjoy three convenient access points -- NE 8th, 112th Ave. NE and 110th Ave. NE.
The complex, whose value is estimated at $400 million, will merge gracious hospitality with functional efficiency to create a distinctive experience in the Pacific Northwest. Its design is bold and timeless. On-site features and services will include 14 conference and meeting rooms, a state-of-the-art board room, a spa and fitness facility, business center, valet parking, concierge and catering.
The Bravern's innovative concept, nearly three years in the making, is based on extensive research with customers. In addition, Schnitzer executives literally traveled the globe in search of "best in class" landmark properties. "This is not just another mixed-use development," said Schnitzer Northwest Managing Investment Partner Dan Ivanoff. "We conceived and tested every detail with customers. We call the result 'purposeful ingenuity' because, as beautiful as The Bravern will be, it will also be extraordinarily functional."
Bellevue Downtown Association President Leslie Lloyd said that The Bravern's distinctive character represents "a significant step toward achieving the BDA's 'Great Place' strategy."
Ground-breaking is slated for Summer 2006, followed by grand opening in Fall 2008.
A gracious arrival court will mark The Bravern's main entrance and an open-air plaza will serve the community as a gathering place. Individualized storefronts and lush landscaping will line a pedestrian-friendly streetscape. Outdoor 'rooms' and seating areas, a 17-foot-high waterfall, a stone sculpture centerpiece, an outdoor fireplace and seasonally changing garden will offer relaxing spots for al fresco dining, independent work sessions and breaks between shopping and dining.
The Bravern Office Commons to Offer More Workplace Choices
The Bravern Office Commons will present 745,000 total square feet of cutting-edge functionality and hospitality by creating useful, well-designed common areas that maximize productivity. Building 1 comprises 248,000 square feet on 12 office floors. At the opposite end of the retail village, Building 2 is 497,000 square feet and will rise 23 floors. Each will have its own Great Room, fireplace, meeting rooms, valet and concierge.
Its daytime on-site population of 3,700 will enjoy preferred access to The Bravern's library and outdoor meeting rooms warmed by fireplaces. Fourteen conference and meeting rooms, range from intimate spaces to a board room equipped with the latest projection, sound and lighting technology.
Maximum work space on each floor is made available by placing bulky utilities on the rooftops and in basement spaces instead of in its tower cores. Wireless Internet and phone service is available from the top floor to the lowest garage level. Office space includes flexible infrastructure, elevators that exceed Class A office standards by 10 percent, flexible floor plans that accommodate easy growth, and mechanical and electrical systems that provide individual control and high performance.
"The Bravern will offer more thoughtfully designed office space and a more highly visible, convenient location than any other complex on the Eastside," said leasing agent Bill Pollard of Pacific Real Estate Partners. "Its value-added features mean that leasing dollars will go farther here." Pollard's firm leased Civica Office Commons and relocated its business there. Pollard knows from experience that The Bravern's innovative environment will improve employee productivity and well-being while supporting recruitment and retention.
The Shops at The Bravern to Introduce Upscale Retail and Destination Restaurants
The Shops at The Bravern will add 130,000 square feet of signature retail and restaurant destinations to downtown Bellevue. Arranged along the open-air plaza with frontage on 112th, NE 8th, and 110th, the retail village will include upscale brands and boutiques, many not yet found in Bellevue. One-of-a-kind restaurants will offer a range of casual to sophisticated indoor/outdoor dining options.
The arrival court will welcome guests to The Shops at The Bravern where they can choose between valet service or a convenient self-park surface lot. Concierge service will make shopping easier and invite guests to stay longer.
"Our retail collection will respond to the discerning shopper's unmet need for true fashion merchandise," said retail leasing broker Susan Zimmerman of GVA Kidder Mathews in Seattle.
The Bravern is Schnitzer's Best Yet
The Bravern is Schnitzer's first Bellevue development project since developing Civica Office Commons and selling it earlier this year for a record price in the Pacific Northwest and one of the highest prices ever paid for real estate in the Western United States.
Civica introduced innovative amenities such as a lobby great room, advanced infrastructure, concierge services and one of the city's most popular restaurants, Seastar Restaurant and Raw Bar, operated by celebrity chef John Howie.
For The Bravern, Schnitzer Northwest and Callison Architecture in Seattle turned to world-class cities for inspiration, touring 28 cities worldwide. Extensive research and testing with multiple focus groups enabled them to profile the priorities of business owners, shoppers and the community. Specialists in hospitality, water features and landscape design were retained to ensure a welcoming environment. The Bravern is conceived to deliver an unprecedented experience to visitors and unparalleled value to its tenants. It is well-positioned to serve growing office and retail demand and will generate a positive economic impact on the City of Bellevue.
For additional information visit www.thebravern.com
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.
Schnitzer Northwest's completed projects include, Civica Office Commons; Schnitzer North Creek, a 1.4 million square foot suburban business and technology office park located north of Seattle in Bothell, Washington; Interurban Exchange buildings 1 & 3, totaling 194,000 square feet of biotechnology research facilities fully occupied by the University of Washington and Rosetta Inpharmetics located in the South Lake Union Neighborhood of Seattle; and Techpointe Commons, 232,000 square feet in five Class A flex buildings in Portland's premier high-tech submarket.
In 2004, Schnitzer Northwest sold Hearthstone at Merrill Creek, a 220-unit luxury apartment development in south Everett, Washington; Schnitzer Northwest Meadows, a 198,126-square-foot Class A office complex in Lake Oswego, Oregon; Sammamish Park Place, a 202,544-square-foot Class A office investment in Issaquah, Washington. In 2005 it sold Civica Office Commons, a 305,000-square-foot Class A office investment in Bellevue, Washington that it continues to manage.
The Bravern Facts Overview Vibrant urban destination featuring two Class A office buildings linked by an upscale retail village at the forefront of Bellevue's thriving commercial district Location Conveniently located at the interchange of I-405 and NE 8th St. Easily seen from the freeway and Bellevue's main arterials Three easy access points: NE 8th St., 112th Ave NE and 110th Ave. NE Next to the Bellevue Transit Center, Meydenbauer Center, one block from Bellevue City Hall The Bravern Two buildings, with 745,000 square feet of Office Commons cutting-edge functionality and hospitality-inspired interiors offer spaces for high-impact meetings, training, brainstorming and quiet conversation. Building One is 248,000 square feet on 13 floors; Building Two is 497,000 square feet on 23 floors Great room with fireplace and concierge in each building 14 meeting rooms and training facilities can accommodate 300; a high-tech board room, business center, library and fitness facility The Shops at 130,000-square-foot retail and restaurant village The Bravern featuring upscale brands and unique Eastside dining options Features/Amenities Bold, timeless design with open-air plaza and individualized storefronts Outdoor seating areas, waterfall, stone sculpture, fireplace and garden Grand arrival court entrance leads to valet parking; subterranean garage for 1,860 cars plus a separate, 70-stall surface lot. Timing Ground-breaking Summer 2006 / Opening Fall 2008 Economic Impacts Distinctive amenities and services designed to help tenants enhance productivity, improve efficiency and recruit and retain quality employees. Efficient design and advanced infrastructure offer more value than other developments in the Puget Sound Region. The Bravern will set a new standard in commercial real estate. Developer Schnitzer Northwest, LLC, Bellevue, WA Contact www.thebravern.com or Schnitzer Northwest 425-452-3700 Retail Leasing Wendy Silverman, Creative Retail Leasing, Chicago, IL Susan Zimmerman, GVA Kidder Mathews, Seattle, WA Office Leasing Bill Pollard, Pacific Real Estate Partners, Bellevue, WA Jeff Durrell, Pacific Real Estate Partners, Bellevue, WA Architect Callison Architecture, Inc., Seattle, WA Contractor Skanska, Seattle, WA
