Breaking News: Convicted Boston Marathon bomber Tsarnaev will seek a new trial

Amazon to buy 11 buildings for $1.16B

Oct. 6, 2012 at 11:55 AM
| License Photo

SEATTLE, Oct. 6 (UPI) -- Vulcan Real Estate in Seattle said online retail giant Amazon.com would buy its 11-building campus in the city for a price of $1.16 billion.

The Seattle Post-Intelligencer reported Saturday that the purchase does not cancel out Amazon's plans to build three new office buildings in the Westlake Avenue area.

Each of those buildings is expected to include 1 million square feet of space with a maximum height of each of 37 stories.

The price for the 11-building purchase -- which includes 1.8 million square feet of space -- is $644 per square feet, the Seattle Times reported.

The 11 buildings were developed by Vulcan Real Estate, which is owned by another Seattle success story, Paul Allen, a co-founder of Microsoft Corp.

"Seattle ought to feel really good about an employer of Amazon's magnitude making a commitment like this," said Vulcan vice president Ada Healey.

"We didn't expect this outcome. We did not know Amazon was going to be the buyer," Healey said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Paul Allen
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Report: Brazil's Petrobras wading dark waters
Oil markets hammered by Greece, Iran and China
Army orders tactical trucks from Oshkosh