Dexter Station, a 10-story building in Seattle’s South Lake Union that is home to Facebook’s new Frank Gehry-designed office, just sold for a hefty price tag: $286 million.
The deal represents a big pay day for developer Capstone Partners, which made the bold move of starting construction on the building in 2013 before it had leased any of the space. At that time much of the industry was still hesitant due to the recession, and there weren’t nearly as many active tech companies looking for prime real estate.
Records point to the possibility of an international buyer, but it was not immediately clear based on information available through the King County Recorder’s Office. The buyer is listed as CR Dexter Station LLC, and the “governing person” of that Limited Liability Company is Commerz Real Investmentgesellscha. Commerz Real AG is a German company involved in real estate investment, equipment leasing and alternative investments.
Facebook opened its first Seattle engineering office in 2010, near Pike Place Market, and later moved to occupy multiple floors in the Metropolitan Park complex near Interstate 5.
Facebook leased Dexter Station back in 2015, planting its flag as a major player in the Seattle tech ecosystem. But the huge new building, with room for 2,000 people, wasn’t enough for Facebook. In December the company scooped up the Arbor Blocks, a pair of six-story structures that total 384,000 square feet of office space developed by Paul Allen’s Vulcan Real Estate. Just a month later it took the 150,000-square-foot 1101 Westlake building.