Amazon to Sell Bay Area Office Complex as Sales Growth Cools
Amazon.com Inc. is selling a vacant Bay Area office complex purchased about 16 months ago, the company's latest effort to unwind a pandemic-era expansion that left it with a surfeit of warehouses and employees.
Amazon in October 2021 paid $123 million for the 29-acre property in Milpitas, California, part of a strategy to lock up real estate near big cities that could be used for new warehouses and facilitate future growth.
The Metro Corporate Center is now in contract with a commercial real estate developer, according to three people familiar with the situation, who requested anonymity because they're not authorized to discuss the deal publicly.
One of the people said Amazon is likely to take a loss on the sale. Another person said the final sale price is still being negotiated.
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