An actual property fund backed by Brookfield Asset Administration Inc. is shopping for an workplace in a Seattle suburb leased to Fb Inc., an indication that commercial-property markets are thawing for some buildings after the pandemic put a chill on offers.
The client is paying $365 million for the 343,528-square-foot (31,915-square-meter) constructing, referred to as Block 16, in line with a press release to be launched Friday. The sellers of the property — a part of the Spring District in Bellevue, Washington — are Wright Runstad & Co., Shorenstein Properties and institutional traders suggested by JPMorgan Asset Administration.
“This sale underscores simply how fascinating such a asset has grow to be for international traders,” Andrew Friedman, managing director at Shorenstein, stated within the assertion.
A spokeswoman for Brookfield confirmed the acquisition.
Block 16 went available on the market earlier this yr at a time when commercial-property markets had been in a state of paralysis. The sellers had been betting that the constructing would discover prepared patrons due to Fb’s long-term lease and its rising presence close by.
Final month, the social media large purchased outside gear retailer REI’s never-been-used headquarters within the Spring District.