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 2-acre portion of the property.
Facebook’s acquisition includes the 400,000-square-foot campus and approximately 6 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 4 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.