Brookfield Asset Management is lining up a $210 million, seven-year refinancing on two Spring District office buildings still leased by Meta, even as the tech giant tries to shed more than 1.5 million square feet of Bellevue office space it no longer needs.

The deal covers Block 16 and Block 24, according to the Puget Sound Business Journal, which reported the transaction Sunday, Aug. 9. The new loan, arranged through Brookfield Premier Real Estate Partners, replaces financing that originated in 2021. Brookfield purchased Block 16 in October 2020 for $365 million; Meta signed a 13-year lease on that building in 2022.

The refinancing stands out against a brutal backdrop for Eastside office owners. Regional office vacancy hit 28.2% at the end of the second quarter, per CBRE, with the Eastside at 22.5%. Downtown Bellevue office buildings have shed $1.61 billion in assessed value since 2022, as we reported when covering the Bravern default and buyback. The Bravern, vacated by Microsoft, triggered a $304 million mortgage default before Schnitzer West stepped in to buy it back.

What separates Brookfield's position: Meta still holds long-term leases on the buildings, meaning rent checks keep flowing regardless of whether Meta occupies the space or subleases it. The deal suggests lenders are underwriting the credit quality of Meta's lease obligations rather than the physical occupancy of the buildings.

Meta's retreat from Bellevue has been steady. The company subleased all 329,000 square feet of Block 6 to Snowflake in 2024. Block 5 went up for sublease in 2025. Late last year, Meta confirmed its expansion rights on five development sites had lapsed, erasing 1.7 million planned square feet.

On Friday, Aug. 7, Meta listed Block 13, a nine-story, 212,128-square-foot building at 1325 123rd Ave. NE, for sublease through CBRE. That building has never been occupied.

Meta cut 1,395 Washington jobs in May, including 699 in Bellevue. Local headcount has dropped from roughly 8,000 to about 5,600.

Still, the Spring District is not empty. Snowflake opened its Bellevue office in the former Meta space in June 2025. Wright Runstad & Co., the district's master developer, is considering converting undeveloped parcels formerly reserved for Meta into apartment buildings rather than office towers.

PSBJ reporter Neetish Basnet described Brookfield as "lining up" the financing, suggesting the loan may not yet have formally closed. No lender name or interest rate has been publicly disclosed.