May 24, 2017
Facebook’s new regional headquarters in Seattle was acquired by a German investment firm for $286 million, the market’s largest deal so far this year. The 10-story, 335,000-square-foot building was sold by San Francisco-based Stockbridge Capital Group and Seattle-based Capstone Partners to Dusseldorf-based Commerz Real, a real estate arm of Commerzbank Group.
The office houses roughly 1,000 Facebook employees, and is the largest engineering site outside of the social networking giant’s Menlo Park, CA HQ. Facebook leased space at the Frank Gehry-designed building at 1101 Dexter Ave. N last year, and invested roughly $50 million in expanding its space.
Facebook also plans to occupy space in two other nearby South Lake Union offices, including 150,000 square feet at 1101 Westlake and 383,900 square feet at Vulcan Real Estate’s Arbor Blocks complex.
Eastdil Secured advised the sellers. RFR Group, the JV partner of Commerz Real, will handle asset and property management.
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