Plaza 600 Trades for $55M as Amazon Plans Create Buzz
- Jun 03, 2012
Amazon’s proposed 3 million-square-foot campus in South Lake Union is generating increased activity from investors and developers. Joshua Green Corp. paid $54.9 million for the Plaza 600 Building, a 209,256-square-foot, 20-story office tower near the future site of the Amazon campus, the Puget Sound Business Journal reported.
Plaza 600’s seller, Vance Corp., owns six other nearby offfice properties:
• Times Square Building, 14 Olive Way: 60,297 square feet, seven stories
• The Bank of America block, 500 Olive Way: 30,000 square feet
• The Tower Building, 1809 Seventh Avenue: 17 stories, 153,672 square feet
• The Roffe Building, 808 Howell Street: six stories, 43,888 square feet
• The Lloyd Building, 603 Stewart Street: 10 stories, 45,759 square feet of space
Amazon’s plans appear likely to nudge rents and property values upward in multiple property types as the campus takes shape. The Business Journal also reported that multi-family developers are proposing as many as 1,700 residential units near the campus.