BELLEVUE, WA—Facebook has purchased REI's newly-completed 400,000-square foot corporate campus in the Spring District submarket for $390 million.
Facebook's acquisition also included approximately 6 acres of land. Site developer Wright Runstad & Co. and Shorenstein Properties purchased an undeveloped 2-acre portion of the property. Facebook is paying $367.6 million for the headquarters, according to the Wall Street Journal, with the 2-acre portion bringing the total sale for REI to $390 million.
REI announced its plan to pursue a sale of the Bellevue campus and shift to a more distributed work model last month. It is among those companies now pursuing a hub-and-spoke corporate structure model, with multiple satellite locations spanning across the region. REI also said, when it made this announcement, that it will lean into remote working as well.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
