In one of the biggest commercial real estate deals this year in Bellevue, Kirkland-based Market Leader plans to move into 70,000 square-feet of space in the Atrium Place building in December. That’s about double the amount of office space that the company previously held, prior to its acquisition by San Francisco-based real estate company Trulia.
“We’re very pleased to expand our presence in Bellevue and give our employees room for rapid growth in a workspace specifically designed to fit our culture,” said Ian Morris, president of Market Leader, in a release. “The Seattle market is an incredible environment to facilitate fast-paced growth with talented individuals, and we’re excited for what’s ahead.”
The deal is interesting in part because of the Seattle area’s growing presence as a hub for online real estate. Both Zillow and Redfin call Seattle home, and Trulia’s expanding presence in the area signals its desire to double down on the region.
Trulia’s stock is up 183 percent this year, and it now boasts a market value of $1.5 billion. It purchased Market Leader earlier this year for $355 million.
The lease at 110 Atrium Place goes over seven years, and Market Leader plans to occupy the top two floors of the building. Interestingly, the new office space is just a few blocks away from where Market Leader started in 1999.
Interestingly, as Trulia expands in Zillow’s backyard of Seattle, Zillow is expanding in Trulia’s backyard of San Francisco. Zillow opened a 18,000 square foot office in San Francisco earlier this year, following its acquisition of HotPads.