Amazon Purchases 11 Buildings in South Lake Union
Earlier today, Amazon agreed to purchase 11 builings in South Lake Union for $1.16 billion. Currently, Amazon leases the buildings from Vulcan Real Estate; however, in late August, Vulcan informed Amazon that it would be putting the buildings up for sale.
Amazon has made a $23 million non-refundable deposit for the 1.8 million square feet of office space. The entire deal is expected to close in late 2012. You can learn more about the transaction at The Puget Sound Business Journal.
It will be interesting to see what effect Amazon’s expansion has on the surrounding businesses in South Lake Union. So far, it appears that Amazon’s presence has boosted business in South Lake Union.