updated 07:03 pm EDT, Sun October 7, 2012
Claimed highest single property deal this year
Amazon will spend over $1 billion in order to buy its headquarters, according to reports. The purchase of the Seattle corporate offices will be the biggest commercial real estate deal for a single property for the year so far, according to Reuters, and will see the online retailer take ownership of the buildings it currently leases.
Consisting of 11 buildings in the South Lake Union area of Seattle, the 1.8 million square feet of office space will change hands from Paul Allen's Vulcan Real Estate to Amazon for $1.16 billion. The deal at $644 per square foot of space works out to be more than twice that of average office space costs elsewhere in the city.
The deal is expected to complete in the fourth quarter, and Amazon already plans to build even more offices in the area for its 50,000-strong workforce.