Amazon to Sell Bay Area Office Complex as Sales Growth Cools
- Company paid $123 million for 29-acre property 16 months ago
- Commercial developer will convert office park into a warehouse
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Amazon.com Inc. is selling a vacant Bay Area office complex purchased about 16 months ago, the company’s latest effort to unwind a pandemic-era expansion that left it with a surfeit of warehouses and employees.
Amazon in October 2021 paid $123 million for the 29-acre property in Milpitas, California, part of a strategy to lock up real estate near big cities that could be used for new warehouses and facilitate future growth. Dermody Properties LLC, a commercial real estate developer based in Reno, Nevada, is buying the property and will convert it into warehouse space, said George Condon, a partner with the firm.