Vulcan Inc., billionaire Paul Allen’s investment company, put Amazon.com Inc. (AMZN)’s Seattle campus on the market, and said it plans to use proceeds from the sale for other real estate projects in the area.
Eleven Amazon buildings with 1.8 million square feet (167,000 square meters) in Seattle’s South Lake Union, the former warehouse district north of downtown, are being listed for sale through broker CBRE Group Inc., Seattle-based Vulcan said in a statement today. It didn’t give a listing price.
Vulcan said it’s developed almost 30 acres (12 hectares) in South Lake Union and owns another 30 acres, which it plans to redevelop. Among Vulcan’s projects in the area is the Stack House, a 278-unit apartment complex that’s under construction.
“We have been deeply involved in the redevelopment and revitalization of South Lake Union for over a decade, and the sale of the Amazon campus will allow us to continue to invest in the neighborhood and the community,” Ada M. Healey, vice president of Vulcan’s real estate unit, said in the statement.
South Lake Union is one of six areas Seattle designated as “urban centers” in the city’s 2004 growth plan. Seattle officials want to foster a concentration of jobs and housing in those areas to preserve single-family neighborhoods and protect natural resources. The area is bordered by the lake at the north, Denny Way to the south, Aurora Avenue at the west and Interstate 5 to the east.
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