Alexandria Real Estate Equities Inc. recently acquired an office building in South Lake Union that is currently leased by Amazon. The Pasadena-based real estate investment trust purchased the property, located at 428 Westlake Ave. N., from Karigo LLC for $47.6 million, according to a report from the Puget Sound Business Journal.
This sale represents a significant decrease of nearly 42% compared to its previous purchase price of $81.5 million in 2017 by Karigo LLC.
The six-story building features 79,000 square feet of office space and an additional 7,300 square feet designated for retail use. Since leasing five floors in this building back in 2016, Amazon has remained as a tenant but did not comment on their lease agreement when approached by the Journal.
Originally developed by Vulcan Real Estate , this property was designed specifically for Tommy Bahama’s world headquarters and spans over an area of approximately87,000 square feet across six stories.
With three “mega campuses” already established throughout Seattle totaling over3 .3 million square feet , Alexandria continues to expand its presence within the city’s commercial real estate market with this recent acquisition and other ongoing projects such as their construction on701 Dexter Avenue which they expect to complete before July2025 .
