A firm based in South Korea purchased the mid-rise “Apollo” building in South Lake Union.
A new Amazon office building has been sold to a South Korean firm for $246.8 million in one of the biggest local real-estate deals of the year.
Paul Allen’s Vulcan Real Estate, which leases the 12-story “Apollo” building to Amazon, is selling the property to Mirae Asset Global Investment. The company manages $83 billion in assets around the world, mostly in Asia, and also has an office in New York.
The 317,000-square-foot project opened last year as “Phase 8” of the internet juggernaut’s office expansion, on Ninth Avenue between Thomas and Harrison streets in South Lake Union. It has restaurants on the ground floor and an underground parking garage. The county assessed the property’s value last year at $157 million.
Amazon had previously purchased some of its South Lake Union office buildings from Vulcan, including a deal worth nearly $1.2 billion in 2012, but continues to lease others. It’s on track to eventually occupy about 12 million square feet of office space in the neighborhood.
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Vulcan, meanwhile, has been selling off some of its completed buildings while developing new projects around Seattle and buying others, even branching outside the Puget Sound region recently by purchasing a hotel in Hollywood.
Across King County, the Apollo sale is the second-biggest real-estate transaction of the year, behind a $370 million sale in February of a South Lake Union office that is mostly leased to Amazon, and just ahead of a $223.3 million sale of a downtown office last month.