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Amazon-Leased Building Sells to Alexandria at Steep Discount
Alexandria Real Estate Equities Inc. has paid $47.6 million for an office building Amazon leases in South Lake Union. The Pasadena-based real estate investment trust purchased the building at 428 Westlake Ave. N. from Karigo LLC, which bought the property for $81.5 million in 2017, reported the Puget Sound Business Journal.
The sales price represents a nearly 42% decrease. The six-story building contains 79,000 square feet of office space and 7,300 square feet of retail. Amazon has leased five floors of office space in the building since 2016. Per the Journal, an Amazon spokesperson indicated the company still occupies the building but didn’t comment on the nature of the lease.
Developed by Vulcan Real Estate, 428 Westlake is an 87,000-square-foot, six-story office building designed for Tommy Bahama’s world headquarters. Alexandria has 3.3 million square feet of space and three “mega campuses” across Seattle. In April, the company resumed construction on 701 Dexter in South Lake Union, which it expects to complete by July 2025.
