By Meghan Hall
Los Angeles-based Riot Games is expanding its footprint in the Puget Sound. In a deal that closed yesterday, the electronic entertainment company purchased Mercer Park, an office building, for $114.1 million, or about $735 per square foot. Public records show that the seller is Mercer Park South LLC, affiliated with Matt Burbach, a partner at Ryan Companies.
Located at 3003 77th Ave. SE on Mercer Island, the building rises five stories and was originally constructed in 1982. The building totals 155,200 square feet and features bike storage, a yoga room and lockers and showers. Floorplates range in size from 17,000 square feet to 46,793 square feet.
Ryan Companies turned quite a profit on the building; according to The Registry’s previous reporting, the firm purchased the property in the first quarter of 2020 for $46.5 million. The building was previously known as the Farmers Insurance Office Building. Once purchased, Ryan Companies embarked on a repositioning of the property that included exterior updates and facade activation. Plans also included adding a glass atrium to the front entry and a roof deck.
The property is within walking distance of a number of amenities, including a future Light Rail station expected to open in 2024, and Mercerdale Park. Metropolitan Market, Rite Aid, Tuscan Stone Pizza and other retailers are also located nearby.
Riot Games, which specializes in video game development and is known for games like “League of Legends”, is growing locally. On LinkedIn, the firm has 41 job openings listed on its website, running from a director of talent acquisition to visual designers and engineers. In July, the company passed $100 million in revenue on mobile games. Over the course of 2020, the firm generated $1.75 billion in revenue, according to Reuters.