Published in News
Amazon in mega-estate deal
Spends a billion dollars to buy HQ
Amazon.com is to spend more than a billion dollars to buy its Seattle corporate HQ in what will be the United States' biggest commercial real estate deal so far this year. The book seller plans to buy 11 buildings in the south Lake Union area, comprising 1.8 million square feet of corporate office space. The building is owned by Microsoft co-founder Paul Allen.
It is the highest ever price for an office building over 100,000 square feet in Seattle. In fact it is double the average rate of $308 per square foot for the city's office space. Like many companies Amazon has been leasing the properties but it seems that with property prices lower than they are likely to be for a while it mores economic sense for it to buy the location and gain more control over its HQ. As an asset it will only go up in value.
Amazon already has plans to build new offices nearby to house its growing staff, which totals more than 50,000.