REI Sells Corporate Campus Near Seattle to Facebook for $390M
BELLEVUE, WASH. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped two-acre portion of the property.
Facebook’s acquisition includes the 400,000-square-foot campus and approximately six acres of land.
In August, REI announced its intention to sell its Bellevue campus and shift to a more distributed work model. The co-op’s future “headquarters” will span multiple satellite locations across the region, and REI will lean into remote working as a more engrained, supported and normalized model for headquarters employees.
Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been involved in bringing to life for the last four years. Once complete, the trail system will connect the diverse communities and businesses of King County’s Eastside through access to transit alternatives, employee hubs and greenspace.