Amazon.com on the hunt for more office space in Seattle |
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Amazon.com on the hunt for more office space in Seattle
Amazon.com is gearing up to move into roughly 1.7 million square feet of new office space in Seattle's South Lake Union neighborhood starting later this year. Now comes word that the online retailer is looking for an additional 200,000 square feet in Seattle. The Puget Sound Business Journal's Jeanne Lang Jones, in a story about Seattle's thawing office market (subscription required), reports that Amazon is looking for space beyond the massive headquarters campus under construction by Paul Allen's Vulcan.
Jones writes:
With a new 1.69 million-square-foot headquarters under construction by Vulcan Real Estate in the city’s South Lake Union area, it might be surprising that Amazon is eyeing other property. Amazon executives did not return several calls for comment. Vulcan spokesman David Postman said Amazon has exercised its option to take all of the final Phase V of the project, which is scheduled to start construction in 2011.
In Amazon's latest quarterly filing with the Securities and Exchange Commission, Amazon said it has the option to lease up to 500,000 additional square feet for its headquarters campus "at rates based on fair market values" and "if interest rates exceed a certain threshold, we have the option to provide financing for some of the buildings."
Is Amazon looking for such add-on space outside of Vulcan? Is it seeking out temporary digs to hold its employees until the Vulcan campus project is complete several years from now? Or is it suddenly adding a bunch of people?
Amazon employees will be moving into the new South Lake Union campus in phases starting in May of this year and ending sometime in 2013, according to Vulcan's most recent timeline. Vulcan has been mum on its efforts to fill the retail part of the mixed-use development, though Seattle chef Tom Douglas is in talks for restaurant on the Amazon campus.
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