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Amazon Pays $1 Billion To Buy Corporate HQ In Seattle
Paul Allen is about to richer with a single transaction, if you can imagine that’s even possible; the Microsoft co-founder and Seattle Seahawks owner’s investment group, Vulcan Inc., owns a huge swath of office space--1.8 million square feet--in Seattle’s South Lake Union area, and Amazon is looking to buy it.
Amazon is reportedly paying $644 per square foot, which is the costliest ever in Seattle for an office building over 100,000 square feet. The final price tag is $1.16 billion, which Reuters reports is the “the United States' biggest single-asset commercial real estate transaction of 2012”.
Amazon HQ in Seattle (Image credit: Commercial Property Executive)
Amazon is already leasing the space for its headquarters, but leasing and owning are two different things. It’s likely simply more economical for Amazon to own the space.
The e-tail behemoth wants more, though; apparently Amazon is planning to build even more office space for its growing staff of roughly 50,000, to the tune of about 3.3 million square feet over the course of about 8 years.
Amazon is reportedly paying $644 per square foot, which is the costliest ever in Seattle for an office building over 100,000 square feet. The final price tag is $1.16 billion, which Reuters reports is the “the United States' biggest single-asset commercial real estate transaction of 2012”.
Amazon HQ in Seattle (Image credit: Commercial Property Executive)
Amazon is already leasing the space for its headquarters, but leasing and owning are two different things. It’s likely simply more economical for Amazon to own the space.
The e-tail behemoth wants more, though; apparently Amazon is planning to build even more office space for its growing staff of roughly 50,000, to the tune of about 3.3 million square feet over the course of about 8 years.
