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Brookfield Pays $365 Million for Facebook Office Outside Seattle

The 343,528-sq.-ft. building has a long-time lease with the social media giant.

(Bloomberg)—A real estate fund backed by Brookfield Asset Management Inc. is buying an office in a Seattle suburb leased to Facebook Inc., a sign that commercial-property markets are thawing for some buildings after the pandemic put a chill on deals.

The buyer is paying $365 million for the 343,528-square-foot (31,915-square-meter) building, called Block 16, according to a statement to be released Friday. The sellers of the property -- part of the Spring District in Bellevue, Washington -- are Wright Runstad & Co., Shorenstein Properties and institutional investors advised by JPMorgan Asset Management.

“This sale underscores just how desirable this type of asset has become for global investors,” Andrew Friedman, managing director at Shorenstein, said in the statement.

A spokeswoman for Brookfield confirmed the purchase.

Block 16 went on the market earlier this year at a time when commercial-property markets were in a state of paralysis. The sellers were betting that the building would find willing buyers because of Facebook’s long-term lease and its growing presence nearby.

Last month, the social media giant bought outdoor equipment retailer REI’s never-been-used headquarters in the Spring District.

© 2020 Bloomberg L.P.

TAGS: Investment
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