SEATTLE – REI Co-op announced today that it has completed the sale of its newly completed corporate campus in the Spring District neighborhood of Bellevue, Washington, for a purchase price of $390 million ($975 per square foot).
The 400,000-square-foot campus and approximately six acres of land were purchased by Facebook on Sept. 14, 2020. Site developer Wright Runstad & Company and Shorenstein Properties also purchased an undeveloped 2-acre portion of the property.
The sale represents a positive return on the co-op’s investment in the property and will enable important investments in REI’s customer-facing innovations, its nonprofit partners and carbon reduction goals.
REI announced its intention to pursue a sale of the Bellevue campus and shift to a more distributed work model in August 2020. Rather than a single location, the co-op’s future “headquarters” will span multiple satellite locations across the region, and the company will lean into remote working as a more engrained, supported and normalized model for headquarters employees.
Following the sale, REI and Facebook are each donating $1 million to the Eastrail, a 42-mile trail that the co-op has been deeply involved in helping bring to life for the last 4 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. This investment will further outdoor infrastructure for the region that’s been REI’s home base for 82 years—serving the area’s 1.4 million lifetime members with nine stores, a distribution center and its headquarters.
About the REI Co-op
REI is a specialty outdoor retailer, headquartered near Seattle. The nation’s largest consumer co-op, REI is a growing community of more than 19 million members who expect and love the best quality gear, inspiring expert classes and trips, and outstanding customer service. REI has 167 locations in 39 states and the District of Columbia. If you can’t visit a store, you can shop at REI.com, REI Outlet or the REI shopping app. REI isn’t just about gear. Adventurers can take the trip of a lifetime with REI’s active adventure travel company, a global leader that runs more than 250 itineraries across all continents. In every community where REI has a presence, professionally trained instructors share their expertise by hosting beginner-to advanced-level classes and workshops about a wide range of activities. To build on the infrastructure that makes life outside possible, REI invests millions annually in hundreds of local and national nonprofits that create access to—and steward—the outdoor places that inspire us all.