Brookfield pays $365 million for Facebook office outside Seattle

A real estate fund backed by Brookfield Asset Management Inc. is buying an office in a Seattle suburb leased to Facebook Inc., a sign that commercial-property markets are thawing for some buildings after the pandemic put a chill on deals.

The buyer is paying $365 million for the 343,528-square-foot (31,915-square-meter) building, called Block 16, according to a statement to be released Friday. The sellers of the property — part of the Spring District in Bellevue, Washington — are Wright Runstad & Co., Shorenstein Properties and institutional investors advised by JPMorgan Asset Management.

“This sale underscores just how desirable this type of asset has become for global investors,” Andrew Friedman, managing director at Shorenstein, said in the statement.