SEATTLE (BRAIN) — REI Co-op completed the sale of its new corporate office complex to Facebook for $390 million on Monday.
The 400,000-square-foot complex is located in Bellevue, Washington, on about six acres. Site developer Wright Runstad & Company and Shorenstein Properties also purchased an undeveloped two-acre portion of the property.
Plans were announced for the new headquarters in 2016 in the developing Spring District neighborhood. Construction began two years ago with planned occupancy this summer.
But REI announced last month its intention to sell the complex as it continues to transition to regional locations and give employees more remote working options during the COVID-19 pandemic.
As part of the announcement, REI and Facebook said each will donate $1 million to the Eastrail, a 42-mile trail that the co-op has been helping bring to life the last four years. When complete, the trail system will connect the communities and businesses of King County's Eastside through access to transit alternatives, employee hubs, and greenspace.
The investment furthers the outdoor infrastructure for the region that's been REI's home base for 82 years.
