Vulcan Inc., billionaire Paul Allen’s investment company, put Amazon.com Inc. (AMZN)’s Seattle campus
on the market, and said it plans to use proceeds from the sale
for other real estate projects in the area.
Eleven Amazon buildings with 1.8 million square feet
(167,000 square meters) in Seattle’s South Lake Union, the
former warehouse district north of downtown, are being listed
for sale through broker CBRE Group Inc., Seattle-based Vulcan
said in a statement today. It didn’t give a listing price.
Vulcan said it’s developed almost 30 acres (12 hectares) in
South Lake Union and owns another 30 acres, which it plans to
redevelop. Among Vulcan’s projects in the area is the Stack
House, a 278-unit apartment complex that’s under construction.
“We have been deeply involved in the redevelopment and
revitalization of South Lake Union for over a decade, and the
sale of the Amazon campus will allow us to continue to invest in
the neighborhood and the community,” Ada M. Healey, vice
president of Vulcan’s real estate unit, said in the statement.
South Lake Union is one of six areas Seattle designated as
“urban centers” in the city’s 2004 growth plan. Seattle
officials want to foster a concentration of jobs and housing in
those areas to preserve single-family neighborhoods and protect
natural resources. The area is bordered by the lake at the
north, Denny Way to the south, Aurora Avenue at the west and
Interstate 5 to the east.
To contact the reporter on this story:
Nadja Brandt in Los Angeles at
nbrandt@bloomberg.net
To contact the editor responsible for this story:
Kara Wetzel at
kwetzel@bloomberg.net
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