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October 8, 2012

Amazon to buy Seattle headquarters complex for $1.16bn

The complex has 1.8 million ft² of office space in the South Lake Union neighborhood

By CBR Staff Writer

Online retailer Amazon has agreed to buy 11-building office headquarters complex in Seattle, Washington, US for $1.16bn from Vulcan Real Estate, an investment firm founded by Microsoft co-founder Paul Allen.

The complex has 1.8 million ft² of office space in the South Lake Union neighborhood.

Reuters claims that based on the value of the agreement Amazon is paying about $644 per square feet which is the costliest ever in Seattle for an office building over 100,000 ft².

Amazon said that it has made a non-refundable deposit of about $23m that will increase to about $51m on 22 October this year.

The transaction is expected to be completed in the fourth quarter of this year.

The online retailer had been leasing the complex from Vulcan with three years left on the lease.

Vulcan, which had put the property up for sale in August this year, said that it will use the proceeds for other real estate projects in the South Lake Union area.

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Vulcan is working on various residential and commercial projects in the neighborhood which include a 375,000 ft² project for Amazon.

Earlier this year, Amazon had revealed its plans to purchase three blocks in Seattle’s Denny Triangle neighborhood to construct a 3.3 million ft² high-rise office campus.

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