SEATTLE-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Amazon has closed on the $1.16-billion purchase of its global headquarters here from Vulcan Real Estate. The South Lake Union development campus, which is comprised of eleven buildings across 1.8 million square feet, was listed for sale in August. Amazon entered into a purchase and sale agreement in October, as GlobeSt.com reported.
Vulcan plans to invest proceeds from the sale toward continued revitalization efforts of Seattle’s South Lake Union neighborhood, where it has developed nearly 30 acres of land over the past 10 years. The campus is at the center of the newly revitalized South Lake Union neighborhood that is also home to health organizations, multifamily developments, retail and restaurants.
Ada M. Healey, vice president of real estate at Vulcan Inc., says in a prepared statement that “We will continue to focus on sustainable, mixed-use urban development where businesses—like Amazon.com—residents, and visitors can experience the best of Seattle.”
The Amazon Corporate Headquarters buildings represent a state of the art campus in an amenity rich, transit-oriented environment, says Kevin Shannon, vice chairman of CBRE and listing broker for the asset. He says in a prepared statement that “we expect Amazon will be served well by this campus for years to come.”
Vulcan owns another 30 acres in South Lake Union that it plans to redevelop with a variety of commercial and residential uses. Its current South Lake Union projects include:
- Stack House, a 278-unit apartment complex, targeting LEED for Homes –Platinum certification (under construction);
- 35,000-square-foot Supply Laundry Building historic renovation (under construction);
- 185,000-square-foot life sciences research facility for U.W. School of Medicine, which will bring the research institution’s South Lake Union footprint to nearly 550,000 square feet (under construction).
- 392,000-square-foot office and retail building (Phase VI) for Amazon (groundbreaking scheduled for Q1 2013)
- 254,000-square-foot life sciences research facility for the Allen Institute for Brain Science, which intends to move its headquarters to South Lake Union (groundbreaking scheduled for Q3 2013).