SEATTLE, Sept. 14, 2020 /PRNewswire/ -- 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.
The 400,000-square-foot campus and approximately 6 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
165 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 free 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.
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SOURCE REI Co-op