Wright Runstad & Company, Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management have sold the recently completed Block 16 office building in The Spring District, Bellevue, WA to a Brookfield Asset Management Real Estate Fund for $365 million.
The 343,528 sq. ft Block 16 office building in Bellevue is 100% leased to Facebook and represents the latest addition to The Spring District, said Wright Runstad in a statement on Friday.
“The Spring District is a leading example of a sustainable community that provides a true balance of live, work and play,” said Andrew Friedman, Managing Director at Shorenstein. “This sale underscores just how desirable this type of asset has become for global investors.”
“The Spring District has become a choice location for high quality office tenants in Bellevue,” said Greg Johnson, CEO of Wright Runstad. “Further expansion of The Spring District includes two more large scale projects that will add another 530,000 sq. ft. of office space by 2023, and there is even more in the pipeline.”