In one of our previous posts, we discussed Amazon’s withdrawal from its expansion project in New York State. Now, not long after the collapse of that deal, Amazon has decided that Bellevue will instead be the location to house its new headquarters. Unlike its deal in New York, Amazon’s plans in Bellevue have seen real progress very soon after being announced. In total, the online mega-retailer will have enough room for approximately 25,000 jobs when all construction is completed.
Let’s look at some of the finer points of Amazon’s move to the eastside.
Construction is Underway
Amazon has already signed an agreement with Trammell Crow Company for a lease on a development in the downtown Bellevue area. The development, which is to be called Binary Towers, will see its construction begin this summer. When its finished, this new property will have 15 stories and occupy a space of roughly 714,000 square feet. The expected completion date is the first half of 2022.
In addition to Binary Towers, Amazon has initiated other agreements to acquire space for employees on the eastside. The company recently spent $195 million to buy Bellevue Corporate Plaza, a 3.5 acre development located at 600 108th Avenue NE. Moreover, Amazon has also leased the building which previously housed Expedia’s corporate headquarters.
4 Million Square Feet of Office Space
When all proposed construction is complete, Amazon will have approximately 4 million square feet of office space on the eastside. As mentioned, that should be enough for about 25,000 Amazon employees. The company plans to move about 4,500 employees to the eastside by 2020. Given these projections, Bellevue is set to replace Seattle as the primary location for Amazon. More Amazon employees will be concentrated in the Bellevue area than any other area in the country.
This is certainly big news for the city of Bellevue, and for Seattle as well. Both cities will be affected economically, albeit in different ways. Bellevue is seeing jobs come in, while Seattle is seeing jobs move out. Amazon still plans to keep around 10,000 jobs in the Seattle area, so the company isn’t leaving entirely. It’s safe to say that the texture of downtown Seattle will be changed considerably, however.
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