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Brookfield Buys Facebook-Leased Bellevue Building for $365M
Brookfield Asset Management Real Estate Fund acquired the recently-completed, 11-story Block 16 office building in Bellevue’s Spring District for $365 million. The 343,528-square-foot building is fully leased to Facebook and was divested by a group that included Wright Runstad & Company, Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management.
Shorenstein’s Andrew Friedman says, “The Spring District is a leading example of a sustainable community that provides a true balance of live, work and play. This sale underscores just how desirable this type of asset has become for global investors.”
The 36-acre transit-oriented development district features both residential and commercial projects anchored around The Spring District light rail station.
Wright Runstad’s Greg Johnson says, “Further expansion of The Spring District includes two more large scale projects that will add another 530,000 square feet of office space by 2023, and there is even more in the pipeline.”
Eastdil Secured handled the sale listing.
For comments, questions or concerns, please contact Dennis Kaiser
*Image courtesy of NBBJ
- ◦Sale/Acquisition
