Robinhood Markets Inc., a popular stock trading app, has recently signed a lease for a 24,200-square-foot office space in Bellevue. The company initially planned to occupy double the amount of space but downsized their deal due to unforeseen circumstances. This new location is situated at 500 Bellevue Way NE in the Lincoln Square South tower.
According to Savills’ fourth-quarter report, Robinhood’s decision to downsize was influenced by the high availability rate of office spaces in both Seattle and Bellevue CBDs. In fact, during this period, Seattle had an availability rate of 28.5% while Bellevue had 23.2%.
In early 2021, Robinhood announced its expansion into the Seattle area and secured plans for leasing a mass-timber building in Kirkland before ultimately changing course. Despite these setbacks, Robinhood successfully went public later that year and continues to offer commission-free investing services as well as various financial products.
The news about Robinhood’s latest lease was first reported by Puget Sound Business Journal but has since been confirmed by industry experts at Connect CRE.
