It has been said that capital has no borders. But in today's environment, when globalization has reduced barriers to trade the world over, it has never been more true, even if it isn't always visible. Case in point: one huge example of this trend is under construction right now in Bellevue.

The Bravern, a high-end mall, office and residential development, will have two towers that provide 750,000 square feet of space to Microsoft. Another 305,000 square feet will go to retail space, anchored by Neiman-Marcus, and there will be 460 condominium units.

More than $800 million of the roughly $900 million needed for the project comes from the Middle Eastern nation of Bahrain, according to the Trade Development Alliance of Greater Seattle.

And yet while the source of the funding for the project, brought in through a deal brokered by New York-based Investcorp, has not been well-known until now, those who work to draw foreign direct investment into Washington state can count The Bravern deal a success story.

"I think there is - especially in real estate - a lot of interest in this market," says Greg MacDiarmid, chief investment officer of Schnitzer West, The Bravern's developer. "If you talk to a lot of investors, Seattle really is one of the top two regions in the country Seattle and Manhattan."

He points to a report called "Emerging Trends in Real Estate" from the Urban Land Institute, which ranks Manhattan No. 1 overall but puts the Seattle market at the top of its lists in both the office and industrial categories. "The U.S. is viewed as the most stable economy in the world. The risk is very low," he says. "We just happen to be very attractive."

And why? MacDiarmid points to several reasons: a well-educated workforce and high literacy, proximity to Asia, Boeing's seven-year backlog of orders and even the academic reputation of the University of Washington. "It's a region that, from our standpoint, a lot of countries want to invest in. International capital flows are just part of the equation. The 'capital has no borders' concept is true."

Whether or not this is a positive development is open to question. Nevertheless, if you read enough nationally focused publications, it's hard not to feel skittish or threatened when a conglomerate from abroad purchases yet another American company. Or when Chinese investors snap up close to controlling interest in a venerable Wall Street brokerage. Indeed, a firestorm ensued in 2006 when it was learned that Dubai Ports World, controlled by the royal family of that oil-rich emirate, was set to take over the management of many key U.S. ports. Dubai Ports World later sold off its U.S. contracts under political pressure.

The statistics can seem alarming. In 2007, according to the New York Times, foreign investors ponied up a record $414 billion to purchase stakes in U.S. companies, factories and other properties - up 90 percent from 2006 and more than double the average for the last 10 years.

Meanwhile, the U.S. has lost more than 3 million manufacturing jobs since 2001, most of them overseas, and some 5 million Americans now work in the employ of foreign companies operating here.

Is too much of the U.S. for sale? Are we at risk of manipulation by outside interests? How much of a threat is foreign direct investment, especially here in the Northwest?

Quite a bit, if we listen to national pundits or talk-show commentators. And not much, if we heed the wisdom of local entrepreneurs and trade advocates.

"At the national level, we see a lot of concern, and even suspicion, about foreign investment," says Debra Glassman, senior lecturer at the University of Washington's Foster School of Business. "And yet, at the local level, foreign investment is often welcomed."