A
pple has leased a 190,000-square-foot office building in Seattle's South Lake Union neighborhood from Ponte Gadea, a Miami-based investment firm. The six-story Arbor Blocks building at 333 Eighth Avenue N. was previously occupied by Meta Platforms, which had moved in during its Facebook era in 2019 and announced plans to sublease the space last year as part of its "year of efficiency." Apple's lease is direct with Ponte Gadea, not a sublease from Meta.

    The Arbor Blocks campus, built by Vulcan Real Estate in 2019 for $415 million, features a unique pedestrian-focused design. The tech firm has expressed interest in the space since last spring, and local sources had hinted at a possible deal. Apple's lease comes as demand for offices in Seattle has plummeted, with negative absorption and an office vacancy rate of 29.6% reported by CBRE.

    Amazon.com recently let its lease at 1800 Ninth Street expire, adding 209,000 square feet to the market, while Knotel left Seattle, vacating 37,800 square feet of workplaces. Apple has a significant presence in greater Seattle, with 2,000 workers and 603,400 square feet of office space, making it the 13th-largest occupier of offices in the area.