Facebook Pays $390M for REI Co-op Bellevue Campus
The social media giant continues its expansion after having leased more than 1 million square feet in metro Seattle over the past two years.
REI Co-op Bellevue Campus. Image courtesy of Wright Runstad & Co.
Facebook has acquired REI Co-op’s recently completed corporate campus in Bellevue, Wash., for $390 million. The tech giant also purchased roughly 6 acres of land. Additionally, Wright Runstad & Co., the site developer, teamed up with Shorenstein Properties to buy an undeveloped 2-acre portion of the property.
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The 400,000-square-foot asset at 1209 124th Avenue NE was designed to meet LEED standards and includes almost 15,000 square feet of retail and more than 200 parking spaces. The property is situated in the city’s Spring District neighborhood, next to Block 16, Wright Runstad & Co.’s 11-story, 338,000-square-foot office building where Facebook had signed a 13-year lease back in 2019.
The acquisition comes after Facebook significantly grew its metro Seattle presence, with more than 1.5 million square feet leased over the last two years, according to Yardi Matrix. The expansion includes some 200,000 square feet at Arbor Blocks, which changed hands last November. Additionally, the social media giant teamed up with Gehry Partners to design its Building X project, which is set to house the Oculus virtual reality unit. In 2017, Facebook acquired a 15-acre property from Crane Electronics in Redmond, Wash., for $20 million, with plans to develop a five-story building totaling 350,000 square feet of office space. The project at 10201 Willows Road NE is designed to meet LEED Silver standards.
Following the deal, Facebook and REI will each donate $1 million to the Eastrail, a 42-mile trail built on a historic railroad line on the east side of Lake Washington, from Renton to Snohomish County.
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