With plenty of cash on hand, the world largest ecommerce company Amazon.com decided to buy several office buildings in Seattle. Instead of being as a renter, now Amazon is a landlord. The seller is a real estate company owned by Microsoft co-founder and billionaire Paul Allen, known as Vulcan Real Estate.
According to seattletimes.com, Vulcan Real Estate made a huge profit of selling those office buildings to Amazon. The local newspaper believes that Vulcan Real Estate had paid about $700 million to design and build those buildings and constructions started in 2008. As Vulcan now sold those buildings to Amazon.com for about $1.2 billion, or making about 65% profit.
As building inspectors will checking out all those buildings and hope to satisfy all conditions. The closing date is expected to occur in Q4 2012 (October-December 2012).
By being a property owner, Amazon is now creating a stronghold in the city of Seattle while at the same time making the ecommerce king long-term commitment to the Northwest region.