Wright Runstad and Shorenstein Properties Sell Spring District Block 13 Office Building to Drawbridge Realty for $168.5 Million

Stoel Rives congratulates our client Wright Runstad & Company and its joint venture partner Shorenstein Properties on the recent sale, and related property management agreement, of the Block 13 office building in The Spring District in Bellevue, Wash., to Drawbridge Realty, a KKR partner. Block 13 is a nine-story building with 212,000 square feet of office space fully leased to Meta. The sale price was $168.5 million.

The Spring District is a 36-acre dynamic, mixed-use transit-oriented development. The sale of Block 13 is emblematic of the district’s remarkable and ongoing redevelopment from a former industrial campus into a thriving mixed-use community.

Based in Seattle, Wright Runstad & Company has been one of the Pacific Northwest’s premier real estate development and operating companies for five decades, developing, acquiring, managing, and leasing high-quality commercial office buildings throughout the region. 

The Stoel Rives deal team was led by Seattle real estate partner Mike Kuntz and included Adam Hattenburg.

For more on the deal, see this PR Newswire press release and Puget Sound Business Journal article.​