REI in $390 million deal to sell new headquarters to Facebook
REI Co-op has sold its new corporate campus even before it moved in, in line with the company’s move away from the traditional retail HQ model.
The outdoor apparel and gear retailer has completed the sale of its newly completed corporate campus in the Spring District neighborhood of Bellevue, Washington, for $390 million. The 400,000-sq.-ft. campus and approximately six acres of land were purchased by Facebook. Site developer Wright Runstad & Company and Shorenstein Properties also purchased an undeveloped two-acre portion of the property.
REI in August announced it plans to sell the Bellevue campus and shift to a more distributed work model. Rather than a single location, REI said its future "headquarters" would span multiple satellite locations across the region as it “leans into remote working.
REI said 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.
Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the retailer has been deeply involved in helping bring to life for the last four years. When 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.