Seattle tower across from Amazon sold for $12.5M after a $97M deal in 2019. Where smart real estate money is going now
Source: Moneywise ·
A 20-story tower across from Amazon's Seattle headquarters just sold for 87% less than its 2019 valuation, but that doesn't sound the alarm on real estate as an asset class.
From the source
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. The 20-story Plaza 600 office tower at 600 Stewart St. in downtown Seattle was valued at $97 million in December 2019, when a recapitalization brought in a new majority owner. Orton Development just bought it for $12.5 million. King County recorded the sale (1) this month. That's an 87% drop — about $84.5 million below its 2019 valuation — for a building that sits across the street from Amazon's headquarters (NASDAQ:AMZN). If a tower across from one of the world's biggest companies can lose nearly nine-tenths of its value in under seven years, where should real estate money actually go? The short answer: It depends on which kind of real estate you're talking about. Here's how Plaza 600 got here, why Seattle has become ground zero for the office bust — and where the smart money is heading instead. Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 —…