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Real Estate



Brian Miller
Real Estate Editor
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January 9, 2025

On The Block: Is Apple's Arbor Blocks lease a bellwether?

Plans emerged in November for Apple to occupy the west building of the Arbor Blocks in South Lake Union. Puget Sound Business Journal first had the news — then thought to be a sublease — about 333 Eighth Ave. N., which is directly east of the Apple-leased 333 Dexter building. The convenient eastward expansion made sense for both parties, as Facebook/Meta was actively engaged in cost-cutting worldwide, and shedding office space in some markets — including the Spring District in Bellevue. Facebook CEO Mark Zuckerberg then called 2023 its “year of efficiency,” and cuts continued into 2024.

So the recent fourth-quarter office report from Colliers both confirmed and clarified a few things in SLU. First, Apple's 193,000-square-foot deal with landlord Ponte Gadea is a direct agreement, not a sublease. (Facebook terminated its lease early.) The county hasn't recorded the lease, so we don't now how long it is. But Colliers calls it the largest new office lease since the pre-pandemic year of 2019.


 
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