October 12, 2022

Meta takes big chunk at rebranded Redmond business park

Map by Broderick Group [enlarge]

Looking roughly south, the entire old complex offers about 334,000 square feet.

Meta (Facebook) has leased 203,644 square feet in the newly rebranded Park at Willow Ridge in northwest Redmond, at 12034 134th Court N.E. (an access road). It's taking Building D in the six-building complex, previously known as Willows Ridge Tech Center and Quadrant Tech Center. The complex is just east of Totem Lake, near the various car dealerships on the main drag that is Northeast 124th Street.

CBRE's third-quarter office report recently noted the new lease. Public records from July confirm it, though without any financial terms specified beyond a $13.1 million tenant improvement budget. The landlord secured a new loan from BECU in June, suggesting that negotiations were then underway.

Jim Reed at Lee & Associates brokers the 24-acre business park. Meta's broker is unknown, though CBRE seems likely.

Now new plans have been filed for the three-story Building D, which was developed in 1995. Past tenants have included Zetron, Kymeta and Duracell.

The lease comes at an odd time, as Facebook/Meta is simultaneously putting a pause on hiring, like most tech companies, yet doubling down on its metaverse division — most of which is based in Redmond. The two most notable components are the nearby Frank Gehry-designed Building X, now under construction on Willows Road, and planned Building Z.

Back on 124th, the old park totals about 334,000 square feet. (Some of that is being offered by outside brokers on a sublease basis.) Most of the six buildings date from the mid 1980s to mid 1990s, and have been home to various small tenants. During a recent weekend visit, it was evident that some work was underway at Building D.

All are owned by LLCs associated with Eastside investor Michael Griffith. They traded in three deals from 2019 into 2021, representing an outlay of some $95.9 million. (Loans came from BECU and MUFG Union Bank.) Some were acquired from related firms Reez Properties and Zetron Properties.

Meanwhile, was some summer activity at Building A, at 12335 134th Court. There, aviation industry supplier Spectralux had closed shop, per its website, but has since resumed with “limited services.” In July, Wright Runstad & Co. filed an early two-building plan for the 2.6 acres. That's been quiet in recent months, so the existing 1987 building will remain in place for now. Others, if not leased, may become candidates for redevelopment.