By Meghan Hall
Facebook is continuing to solidify its expansion into Bellevue’s Spring District, and the tech firm has recently inked another lease within the development. According to sources familiar with the deal, Facebook has leased Block 5, a 330,000 square foot building. The deal was signed about a month ago.
Developed by Wright Runstad & Company and Shorenstein Properties, Block 5 is part of Phase III of the Spring District’s build-out. Located at 1615 123rd Ave. NE, the building will rise 11 stories in height and is scheduled to open in 2023.
Once finished, Block 5 is expected to feature views of Bellevue, Seattle and the Cascade and Olympic Mountains. Terrace and public park spaces are accessible to tenants, as well as balcony and green spaces on levels three and 11. Onsite retailers, bike storage and locker rooms are also planned.
Facebook’s commitment to growth in the Spring District has been made clear. Over the past year, the tech giant has leased Block 24, which totals 197,959 square feet, as well as Block 6, which totals 325,000 square feet. In January of 2019, Facebook signed a 13-year lease for Block 16, which totals 316,009 square feet. In September of last year, Facebook purchased REI Co-Op’s 400,000 square foot Spring District Headquarters for $390 million, or $975 per square foot. In all, Facebook has leased 3.3 million square feet of space across the Puget Sound.
Locally-based brokerage firm Broderick Group is in charge of office leasing for the Spring District.
When all phases of the Spring District are complete, the development will include 3.8 million square feet of office and street level retail, 1,100 residential units and a 209,000 square foot hotel. The office, retail, residential and hotel space combined will total nearly 5.3 million square feet.