Newmark Facilitates Sale of Block 13, a Premier Class A Office Tower in Bellevue’s Spring District

Image Credit to Red Studios

June 23, 2025 12:00 PM

Newmark announces the company has arranged the sale of Block 13, a state-of-the-art, Class A office tower located in the heart of Bellevue neighborhood, The Spring District. The buyer was Drawbridge Realty, a San Francisco-based privately held real estate investment company partnered with KKR/Global Atlantic. The nine-story, 212,128-square-foot property, delivered in 2024, is 100% leased to Meta, Inc. (S&P: AA-), one of the world’s leading technology companies.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Vice Chairman and Head of Newmark’s International Capital Markets Group Alex Foshay, Vice Chairmen Nick Kucha, Michael Moll and Ken White, Managing Director Liam Ogburn and Director Jakob Nicholls represented the seller, a partnership between Shorenstein and Wright Runstad & Company. Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday led market acquisition financing alternatives throughout the sales process. Jaden Rosselli, Vice President of Acquisitions at Drawbridge Realty, led the buyer’s self-represented team in negotiations.

“This sale reflects the exceptional strength and resilience of Bellevue’s office market, which continues to be one of the most coveted markets in the nation,” said Kucha. “Block 13 offers investors the rare opportunity to acquire a trophy asset with secure, investment-grade cash flow in one of the West Coast’s most dynamic live-work-play environments.”

“The managed bid process for this asset sale was very competitive, with both foreign and domestic capital competing for the award,” added Shannon. “Investors globally have conviction that both fundamentals and capital market conditions are improving, which is especially true for best-in-class product like Block 13 in desirable markets like Bellevue.”

“The sale of Block 13 represents a continued trend of institutional capital’s appetite for buying quality office product particularly with credit and WALT,” said Moll.

The Spring District is a vibrant, transit-oriented urban neighborhood, encompassing nearly 800 apartment units, over 1.9 million square feet of Class A office and retail space and approximately two million square feet of planned mixed-use development. The submarket is a cornerstone of Meta’s regional presence, representing the company’s largest office cluster outside its Menlo Park headquarters.

Bellevue’s office market is leading a regional comeback, showcasing strength within the broader Seattle area, according to Newmark Research. The Spring District, a burgeoning urban node, is fueled by strong leasing activity, with low vacancy rates and premium rental rates attracting major tech players like Meta, driving absorption.

About Drawbridge Realty
Drawbridge is a privately held real estate investment firm, partnered with KKR/Global Atlantic, specializing in the acquisition, development, and management of strategically important properties leased to large corporate users. Focused on high-growth, innovation-driven markets across the United States, Drawbridge owns and manages a 7MM square foot portfolio consisting of primarily single-tenant office, R&D, life science, and industrial assets leased long-term to large, strong credit corporations.

Drawbridge has an established history of successfully executing its investment strategy and supporting the evolving real estate needs of major public and private corporations. Some of the major corporations we have partnered with include: Apple, Arrow Electronics, ASML, Bank of America, RBC Wealth Management, Broadcom, Hewlett Packard, L3Harris Technologies, Northrop Grumman, NXP, Onsemi, Take-Two Interactive, Discover Card, Universal Music Group (UMG), and Uber. www.drawbridgerealty.com

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.