Brookfield Asset Management Buys Facebook-Occupied Block 24 Office Building in Bellevue for $200M
BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million.
Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023.
More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages.
This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.