Facebook buys REI’s new headquarters in coronovirus sales

Facebook Inc. is purchasing the custom-designed Seattle-area headquarters of Amusement Equipment Inc., which is traded by the coronovirus epidemic.

The economic pressures of COVID-19 have forced outdoor retailers and other companies to overhaul their operations, with many choosing to cash out expensive office buildings while employees remotely or instead from smaller sites Work.

More details from civil rights systematically with ‘AM freeze’

The companies announced the deal on Monday.

Facebook is paying $ 367.6 million for a 400,000-square-foot campus in Bellevue, Wash. The complex – which REI was initially planning to occupy in the summer – features outdoor stairs, bridges, native plant courtyards and skylights. According to The Wall Street Journal, sunshine and wind.

REI also sold undeveloped land on the property to developers, which sold Wright Runsta & Co and Shorenstein Properties for a total price of $ 390 million.

With the sale, the company hopes to generate cash for other parts of its operations. The move demonstrates one of the ways in which the epidemic has impacted where and how companies carry out their work, and which people do.

Big tech companies such as Facebook, Google, and Amazon are the most recent to reopen their offices, though Facebook CEO Mark Zuckerberg previously told The Wall Street Journal that he expects half of his firm’s employees to be in a decade. Will work from home within

The social media giant’s hunger for real estate has not ended. In New York City, Facebook recently published the historic James A. It has been agreed to lease the entire 730,000-square-foot office space of the postal service structure at Farley Building, Midtown Manhattan until 1912.

Read more on Fox Business

The REI property is located next to three other Facebook-owned buildings under development in the Spring District of Bellevue, and the Seattle area has become Facebook’s largest engineering hub outside of its Menlo Park, California, headquarters.