Originally published May 26, 2011 at 10:47 AM | Page modified May 26, 2011 at 11:10 AM
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Building emptied by Amazon sells at a big loss
A Pioneer Square/International District office building recently emptied by Amazon.com has been sold — for 40 percent less than the price it fetched a decade ago, according to county records.
Seattle Times business reporter
Sounds like a big loss, but is it a big loss? Between write-off and decade long profit... (May 26, 2011, by seafun)
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A Pioneer Square/International District office building recently emptied by Amazon.com has been sold — for 40 percent less than the price it fetched a decade ago, according to county records.
A joint venture of insurance giant Principal Financial and PCCP, a San Francisco real-estate investment company, paid $38.3 million this week for 705 Union Station, an 11-story building at Fourth Avenue South and Airport Way South.
The seller was an investment group associated with the estate of the late Keith McCaw, records show. It paid $66.3 million for the 254,000-square-foot building in 2001, just after Amazon had signed a long-term lease for all the office space.
Amazon, which is relocating to new buildings in South Lake Union and the Denny Triangle, vacated 705 at the end of April.
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