(Bloomberg) -- 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.
Read more: Amazon Tacks on a Rare Seattle Lease While It Grows Elsewhere
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.
That could mean thousands of workers flooding back into downtown Seattle in a few months.
KKR is partnering on the deal with Urban Renaissance Group, which will manage the property. The acquisition is KKR's fourth purchase in the Seattle region.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
