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Paul Allen to Sell a Portion of His South Lake Union Real Estate Empire

Since the 1990s Paul Allen, a co-founder of Microsoft and VP of Vulcan Real Estate, has been carefully developing real estate in the South Lake Union area.  Now he’s poised to cash in on his investments.  Previously, an underdeveloped industrial area, South Lake Union has in recent years thrived and grown to become one of the hottest commercial real estate markets in the country.  It’s a level of popularity that Allen plans to benefit from by selling the real estate and buildings which house Amazon’s headquarters so that he can develop land nearby. It isn’t clear if Amazon plans to purchase the property which it currently leases; but it may be in their interest if the price is right.  However, rumors are already buzzing that the 1.6 million square foot property may fetch as much as $1 billion.
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