September 14, 2020
REI Co-op completed the sale of its newly completed corporate campus in Bellevue to Facebook for $390 million. The 400,000-square-foot campus is situated on roughly six acres of land in the Spring District neighborhood.
The co-op says the sale represents a positive return on its investment in the property and will enable important investments in REI’s customer-facing innovations, its nonprofit partners and carbon reduction goals. REI announced its intention to pursue a sale of the Bellevue campus and shift to a more distributed work model in August 2020.
Site developer, Wright Runstad & Company and Shorenstein Properties, also purchased an undeveloped two-acre portion of the property.
Heartland’s Matt Anderson and Doug Larson represented the seller. The Broderick Group’s Matt Schreck and Grant Yerke represented The Spring District.
Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been deeply involved in helping bring to life for the last four years.
For comments, questions or concerns, please contact Dennis Kaiser