Amazon.com-Occupied Office Tower Trades Hands, Expands in Denny Triangle
By Alex Girda, Associate Editor
Amazon.com is the bona fide engine of Seattle’s office market. If evidence of that fact up until this point is still deemed unconvincing, just take a look at the recent Amazon-involved headlines. West 8th, the online giant’s new residence was recently purchased in a deal, which according to public records stood at around $278 million. The entity that acquired the office property is associated with AEW Capital Management, a Boston-based company that deals with institutional and private investment.
The 28-story building is located at the corner of 8th Avenue and Virginia Street in downtown Seattle. Completed in 2009, the construction was previously owned by local company Touchstone Corp. alongside Prudential Real Estate Investors. After a couple of rough years during which the building failed to secure a major tenant and lay mostly unoccupied, Amazon finally snapped up most of the available space.
In more Amazon-related news, the tech company has seen its plans for the proposed Denny Triangle campus approved by city planners recently. No less than three million square feet of office space are to be built in the area through six high-rise buildings with heights of up to 38 stories. The project also calls for a meeting center to be built including a 2,000-seat hall, retail venues, parking facilities to accommodate most of the employees, transportation improvements for the area, dog areas and garden terraces, the Seattle Post-Intelligencer noted.
Amazon is not finished with the plan yet, as the approval is still available for public appeal and changes recommended by the Design Review Board. The company has included a number of measures that it will support to avoid overcrowding the area with its development. These measures include: a third streetcar, $50,000/block for signal timing modifications, the reduction of single-occupant car use to no more than 21 percent of cars driving to the site during rush hours.
Photo courtesy of west8th.com
Rendering courtesy of djc.com