September 17, 2020
REI Sells New HQ to Facebook For $368 Million Months After Boycotting Them
Last month, REI announced it wouldn’t be moving into its brand new HQ in Bellevue, Washington after all. The nearly 400,000 square foot facility was instead put up for sale, prompting questions about whether or not the decision was purely about raising cash during a pandemic-caused economic slowdown, or that the company realized remote work was, well, working, and an eight-acre super campus was no longer necessary.
Less than a month after going on sale, the sparkling new office just sold to Facebook for $368 million, only three months after REI boycotted advertising on Facebook after the tech company refused to take a tough stance against hate speech on the online platform. But there are only so many companies looking to spend nearly $400 million on a new headquarters.
REI’s new plan is likely to include multiple HQs spread across the greater Seattle area.