REI Co-op completes sale of Bellevue, Washington headquarters
Co-op announced intent to sell newly completed campus in early August
Sep 14, 2020
SEATTLE – 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 24 million members who expect and love the best quality gear, inspiring expert classes and trips, and outstanding customer service. In addition to the co-op’s many stores across the country, outdoor enthusiasts can shop at REI.com, REI Outlet or the REI shopping app. Everyone is welcome to shop REI, but members who join the co-op enjoy a range of benefits. More than a retailer, REI is a purpose-driven and values-led company dedicated to enabling life outside for all.