Sales Activity at The Spring District Brings Two Leading Global Investors to the Community

Bellevue's Premier Mixed-Use Development Welcomes Blackstone Real Estate and Drawbridge Realty

SAN FRANCISCO, June 18, 2025 /PRNewswire/ -- Shorenstein Investment Advisers ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced two consecutive transactions involving Blocks 5, 6 and 13 (the "Properties") within The Spring District, a dynamic, mixed-use development in Bellevue, Washington. Funds affiliated with Blackstone Real Estate acquired a joint-control interest in Blocks 5 and 6 from Shorenstein. Drawbridge Realty, a KKR partner, acquired Block 13 from Shorenstein and Wright Runstad & Company ("Wright Runstad"). The Properties were each developed as build-to-suit office buildings for Meta, which has a significant presence in The Spring District. Terms of the transactions were not disclosed.

Blocks 5 and 6 consist of two, 11-story, trophy office buildings that total 670,000 square feet. While both buildings are leased long-term to Meta, the entirety of Block 6 was recently subleased to Snowflake, which moved into the building in May 2025. Block 13 is a nine-story, trophy office building that totals 200,000 square feet.

The Properties sit within The Spring District, a vibrant, mixed-use, transit-oriented neighborhood encompassing two million square feet of office and retail space, 800 apartment units and the new Spring District East Link Light Rail Station. The neighborhood will continue to grow with additional land for over one million square feet of mixed-use development. Shorenstein and Wright Runstad co-developed The Spring District, which was conceptualized in 2007 and has since become the Eastside's premier live-work-play neighborhood.

"We're excited to welcome two world-class investors in Blackstone and Drawbridge to the Spring District," said Colby Wick, Managing Director at Shorenstein. "Alongside leading technology companies like Meta and Snowflake, their commitment to The Spring District is a testament to the desirability of the neighborhood and its continued bright future."

"The Spring District has firmly established itself as a leading destination for innovative technology companies seeking a vibrant, sustainable and transit-oriented urban environment," said Michael Yoo of Wright Runstad. "The market's strong response reinforces the long-term vision we've pursued in partnership with Shorenstein over the past 18 years. With the recent opening of the Spring District East Link Light Rail Station and continued development momentum, The Spring District is exceptionally well positioned to meet future demand and deliver lasting value in the dynamic Bellevue market."

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said: "We're thrilled to partner with Shorenstein to invest in these 100% leased, Class A+ properties in Bellevue. We are strong believers in the quality of the Spring District campus and look forward to continuing to invest in the Puget Sound region."

"Our thanks to both Shorenstein and Wright Runstad for their partnership on this transaction. We are delighted to add Block 13, an office asset of the highest quality, to our growing national portfolio," said Charlie McEachron, CEO, Drawbridge Realty.

These transactions are emblematic of The Spring District's remarkable and ongoing redevelopment from a former industrial campus into a thriving mixed-use community. In 2020 and 2021, Brookfield acquired three trophy office buildings totaling 650,000 square feet from Shorenstein and Wright Runstad. Two of the properties are fully leased by Meta, and the third by the Global Innovation Exchange, a post-graduate program between Microsoft, the University of Washington and Tsinghua University.

To learn more about The Spring District's offerings, investors and long-term tenants, please visit: www.thespringdistrict.com.

About Shorenstein
Shorenstein is a privately-owned investment adviser that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein and its affiliates have acquired $19.6 billion in assets (as of March 31, 2025). Using their integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.

About Wright Runstad & Company
Seattle-based Wright Runstad & Company is a leading real estate firm with a five-decade track record of developing, acquiring, managing and leasing institutional-quality commercial office and mixed use buildings located primarily in the Pacific Northwest. Recognized as one of the regions' premier real estate operators, the company consistently delivers strong property performance and superior investment returns. Wright Runstad & Company maintains an exceptional reputation among tenants and institutional investors for its demonstrated commitment to integrity and high levels of quality and service. For additional information visit: www.wrightrunstad.com

Contacts

For Shorenstein:
Sarah Salky / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449

For Wright Runstad:
[email protected]
206-447-9000

SOURCE Shorenstein Properties LLC