Just months after T-Mobile committed to stay at its Bellevue, Wash. headquarters, the owner of the campus has decided to cash out.
Canadian real estate company Ivanhoe Cambridge sold the Newport Corporate Center to Los Angeles-based Preylock Real Estate Holdings for $467.5 million, according to records filed with King County. In November, T-Mobile announced it planned to stay at the campus just off Interstates 90 and 405 in Bellevue through at least 2030.
The deal was first spotted by Puget Sound Business Journal.
The new owners come in as T-Mobile prepares to embark on a $160 million refresh of its headquarters. The new HQ will feature a variety of work setups, including co-working spaces, coffee shops and other gathering areas, in addition to traditional assigned seating and open office layouts. As part of the project, T-Mobile plans to build a network of outdoor spaces, including what it says is “a pedestrian-friendly area reminiscent of The High Line in New York City.”
When the project is done, T-Mobile will seek to power the campus with 100 percent renewable energy. The company says the move will save it millions in energy costs and bring it closer to a goal of operating the entire organization on renewable energy.
All this activity comes at one of the most important times in the company’s history, as it continues to lobby for approval of its merger with Sprint. T-Mobile CEO John Legere has taken his case for the merger to the public, in a series of blog posts focused on benefits like increased jobs and superior customer service.