SMARTCAP RESEARCH- SEPTEMBER 2020 NEWSLETTER
Facebook Announces Purchase of REI's Headquarters in the Spring District
On Monday, September 14th, it was announced that Facebook purchased REI's newly finished headquarters in Bellevue's Spring District. Facebook paid $367.6 million for three quarters of the 8-acre campus, where 2,300 people will work across 400,000 square feet. This acquisition gives the company 3 million square feet of space on either side of Lake Washington, making the Puget Sound region its largest engineering center outside of its headquarters in California. Facebook has made it clear that the company is not leaving Seattle but given the competitive real estate market in the greater Seattle area, they are always looking for opportunities to grow on both sides of Lake Washington.
SMARTCAP Construction Project Update
SMARTCAP Construction is currently working on multiple Zoom+Care Clinics in the Puget Sound, and we are highlighting the work being done at the Woodinville location. The walls and ceilings just their first coat of paint and the team is currently installing ceiling grids in the Universal Care Rooms. They are transitioning into flooring where they will grid and seal the concrete and install LVT throughout the rest of the space. The anticipated finish date is September 25th and we are looking forward to sharing the finished product with you! For weekly updates on all of our SMARTCAP Construction projects, please visit their LinkedIn.
Local Investor Purchases Bel-Red Corridor Properties
A Sammamish, WA-based real estate investor has purchased several properties in the Bel-Red (Bellevue-Redmond) corridor for a combined $46.4 million. Public documents show the buyer was Bel-Red South, LLC, and the seller was Bellevue-based Robertson Development Company LP. The properties, which total 4.3 acres, were built in the late 1960's and 1970's and were used for warehouse, storage, and retail. The assets are located just minutes from desirable downtown Bellevue. The new owner has not announced plans for the property but in recent years, Bellevue has seen an explosion of development as employees and investors look for opportunity on the east side of Lake Washington. Many factors contribute to the desirability of the Eastside: employers such as Amazon and Facebook are investing heavily in communities outside of Seattle, and many companies are considering relocation after the July 6th passage of the Seattle Jump Start tax, which intends to increase taxes on large offices with high-salaried employees in Seattle