Vulcan Signs Agreement with Amazon for Sale of 11 Buildings in South Lake Union

Vulcan Real Estate has signed a purchase and sale agreement with Amazon for 11 buildings comprising 1.8 million square feet in the heart of Seattle’s burgeoning South Lake Union neighborhood.  The buildings are currently leased by Amazon as part of its corporate headquarters and Amazon plans to acquire them from Vulcan for $1.16 billion.  The deal is expected to close in Q4 2012.

The Amazon campus is at the center of a newly revitalized neighborhood at the north end of downtown Seattle.  The South Lake Union neighborhood – once better known for warehouses and light industrial operations – is now home to Amazon, global health organizations, multifamily residential communities and a thriving retail and restaurant core.

“We are truly excited that Amazon is making this long-term commitment to the South Lake Union community,” said Ada M. Healey, vice president of real estate for Vulcan Inc.  “We know they will be excellent stewards of this property and will continue to play a vital role in revitalizing South Lake Union and creating a thriving urban neighborhood in the heart of Seattle’s urban core.” 

Vulcan plans to reinvest earnings from the sale into continued real estate investments, including the redevelopment of the remaining 30 acres of property it owns in the South Lake Union neighborhood.  Vulcan currently has both residential and commercial projects in development in South Lake Union, including Stack House, a 278-unit apartment complex, and a 375,000 square foot project that it is developing for Amazon.  The company continues to invest in South Lake Union as a primary component of its growth strategy. 

About Vulcan Real Estate

Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company.  Through strategic acquisitions and innovative development, Vulcan Real Estate has created a $2 billion diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects.  The company’s integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing, financing and asset repositioning.  Its real estate model is based on quality, sustainable development that builds new value across the entire community.  To date, Vulcan has delivered 4.6 million square feet in 22 new office, biotech, residential and mixed-use projects in South Lake Union. The company has approximately 224,000 square feet of commercial space and 466 apartment units currently under construction and planned for delivery in 2013. In addition Vulcan has another 400,000 square feet of commercial space and 200 residential units in pre-development planning. For more information, visit www.vulcanrealestate.com.