KKR & Co. is buying a redeveloped former department store in downtown Seattle that’s been converted to offices for Amazon.com Inc.
The New York-based investment firm paid $580 million for the building at 300 Pine St., according to person with knowledge of the deal. KKR’s purchase signals conviction that office demand will return in Seattle, which like other high-cost coastal cities has suffered from soaring vacancy rates as workers stayed home in the pandemic.
Amazon, which occupies a huge swath of downtown real estate in Seattle, said this week that its planning a return to an “office-centric” culture, with most employees around the world coming back by the fall.
Read more/Source: Bloomberg
