The buyer is associated with a German investment company that manages a real estate fund.
Facebook’s new office in South Lake Union has sold for $286 million, apparently to a German investment company.
The 10-story, 335,000-square-foot building at 1101 Dexter Ave N. opened a year ago and is home to most of Facebook’s 1,000 or so employees in the region, making it the largest engineering outpost outside of the company’s Silicon Valley headquarters. Facebook has since announced plans to move into two additional offices nearby.
King County records recorded Thursday show the Dexter building sold for $286 million, the largest property sale of the year so far in the county.
Facebook leases the Frank Gehry-designed office and isn’t likely to be affected by the ownership change. Seattle-based Capstone Partners and San Francisco-based Stockbridge Capital Group bought the property, which spans four parcels, for about $15.5 million in 2007 and 2008, and launched the $80 million office project in 2013.
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The buyer is listed as a limited liability company with few details, and transaction documents that might shed light on the buyer were not yet posted late Thursday. But the governing body listed for the buyer is Investmentgesellscha Commerz Real; the first word means “Investment Company” in German, and there is a real estate investment company based in Germany called Commerz Real AG.