Outdoor retailer REI Co-op has completed the sale of its newly completed corporate campus in the Spring District neighborhood of Bellevue, Wash., for a purchase price of $390 million.
The 400,000-square-foot campus and approximately 6 acres of land were purchased by Facebook Sept. 14. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped 2-acre portion of the property.
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 ingrained, supported and normalized model for headquarters employees.
