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Oct. 6, 2012 / 11:55 AM

Amazon to buy 11 buildings for $1.16B

Amazon CEO Jeff Bezos talks about the new Kindle Paperwhite and Kindle Fire HD during a news conference held at the Barker Hangar in Santa Monica, California on September 6, 2012. UPI/Phil McCarten

Amazon CEO Jeff Bezos talks about the new Kindle Paperwhite and Kindle Fire HD during a news conference held at the Barker Hangar in Santa Monica, California on September 6, 2012. UPI/Phil McCarten | 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.

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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.

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