Expedia Acquires Office Campus on Seattle Waterfront, Prepares to Relocate from Bellevue
Expedia, Inc. recently provided the Bellevue real estate market with quite a blow as the company announced that it is relocating, following the purchase of a new campus. One city’s loss is another’s gain as the company announced the acquisition of Amgen’s multi-building office property in Seattle. According to recent announcements, Expedia will complete its relocation to Seattle’s waterfront by 2018. The travel company reportedly paid $228.9 million for the property, with the transaction expected to close by the end of the current quarter.
By Alex Girda, Associate Editor
Expedia Inc. recently provided the Bellevue real estate market with quite a blow, announcing plans to relocate following the purchase of a new campus. One city’s loss is another’s gain, as the company announced the acquisition of Amgen’s multi-building office property in Seattle. According to recent announcements, Expedia will complete its relocation to Seattle’s waterfront by 2018. The travel company reportedly paid $228.9 million for the property, with the transaction expected to close by the end of the current quarter.
The new owner will update the 40-acre campus to accommodate its needs. The campus offers 750,000 square feet of space but could be expanded given the property’s additional land. Amenities include on-site dining options, state-of-the-art fitness facilities, as well as outdoor recreational areas. The campus’ location offers views of nearby Mt. Rainier, Puget Sound and the Olympic Mountains, as well as downtown Seattle. In addition, observed company CEO Dara Khosrowashahi, “we are highly supportive of Seattle’s commitment to attract and grow the pool of highly qualified talent in the area.”
Bellevue’s packed office market couldn’t provide the right amount of space needed for Expedia’s growth in the interval it required, Bellevue City Manager Brad Miyake noted. The Puget Sound Business Journal further observed that Expedia’s move will vacate an office tower in the city, with three other towers totaling 1.5 million square feet of space currently under construction and getting ready to come online soon.
