Amazon.com, Inc. (NASDAQ:AMZN) online retailing tycoon lately purchased two end-to-end assets in Seattle’s Denny Triangle neighborhood, for an overall amount of almost $19.2 million. Amazon shares have been progressively mobbing north on a year-to-date basis. The stock has moved 13.21% in contrast to the Electronic Commerce industry’s surge of 7.31%.
The properties consist of a vacant motel and the office of Pronto, the city’s bicycle sharing plan. Both the assets collectively cover half block on the west side of Seventh Avenue, between Blanchard and Bell streets.
Till now, the precise reason of the property buying is not obvious. Neither Amazon nor any of its partners have filed for licenses for the site with the city of Seattle. Though, the firm would possibly construct a fifth skyscraper as part of its latest campus north of downtown Seattle.
Amazon previously has four buildings in the region, amid which two buildings are completely in working manner. In the meantime, the third is presently being utilized as a Prime Now fastest delivery hub. The firm also has a fourth block in the area, where allow records indicate it is intending to construct almost 860,000 square feet of office space.
Seattle is the tech business center of the U.S. with world class technology faculty. It is an advantageously positioned site which gives easy approach to the global markets. As a consequence, huge tech firms from throughout the country like Facebook (FB), EMC, eBay (EBAY), Microsoft (MSFT) and Amazon have constructed stores in the zone.