Amazon plunks down $1.16B on Seattle office buildings
Amazon is extending its roots in Seattle.
Regulatory filings made public today show that the e-commerce giant and gadget maker entered into an $1.16 billion agreement with Paul Allen's Vulcan Real Estate to purchase the 11 office buildings in Seattle's Lake Union neighborhood that it previously held under lease.
Vulcan Real Estate put the set of buildings on the market at the end of August. Last month the group announced plans to build and lease two more buildings for Amazon, as part of a $160 million project to give the company an extra 380,000 square feet by 2015.
"We are truly excited that Amazon is making this long-term commitment to the South Lake Union community," Vulcan's vice president of real estate, Ada Healey, said about the deal, which is set to close by the end of this year.
In a filing with the U.S. Securities and Exchange Commission, Amazon noted that it had made a nonrefundable deposit of about $23 million on the purchase.