After what the paper describes as "a decade of intense investment in South Lake Union," the Seattle Times reported this afternoon that Paul Allen's Vulcan Real Estate is putting the Amazon Campus up for sale. Not surprisingly, the listing for the 1.8 million-square-foot Amazon.com headquarters complex does not include an asking price - but suffice to say it'll be a shit-ton.
As the Times' story notes, "Newer, well-leased downtown office towers that have sold over the past year have fetched prices of up to $540 per square foot."
Citing Vulcan Real Estate Vice President Ada Healey, the Times reports that although the company has decided to cash in on its investment when it comes to the Amazon Campus, Vulcan has not reduced its commitment to South Lake Union.
From the Times:
Vice President Ada Healey said Vulcan decided to sell now to rebalance its real-estate portfolio, which she said is too heavily weighted toward office investments, and to free up capital for still more development.
Vulcan has spearheaded the transformation of long-neglected South Lake Union, developing more than 5 million square feet of commercial and residential projects. The Amazon complex and the 320,000-square foot Westlake/Terry building that houses Group Health, also listed for sale earlier this month, together account for more than 40 percent of that built portfolio.
While Vulcan has sold undeveloped parcels, this is the first time it has put completed buildings up for sale.