Amazon reportedly puts 29-acre Bay Area property up for sale

Photo by Joshua Bothe

In the photo in this file, an Amazon Prime delivery truck transits the Ports of Los Angeles and Long Beach, Long Beach, CA on April 22, 2020. Amazon has reportedly sold the Bay Area property it purchased in October 2021. Sale.

Robin Beck/AFP via Getty Images

Amazon’s plans to expand its local office presence appear to have stalled.

The 29-acre property in the Bay Area suburb of Milpitas that Amazon purchased for $123 million in October 2021 in a plan to redevelop it has been put up for sale by the e-commerce giant. reported first.

Amazon spokesperson Steve Kelly said in a statement to SFGATE: “As part of this effort, we have decided to consider selling our Metro Corporate Center site. We will continue to deliver to our customers.”

An anonymous source who spoke to Bloomberg said the property was under contract and Amazon could take a loss on parcels, but the final sale price is still up in the air. Kelly declined to comment when asked about the

The potential sale points to a broader trend in Bay Area corporate real estate, which is struggling with remote work, tech layoffs, and broader economic shifts. San Francisco direct office vacancy rose to more than 18.4% in the fourth quarter of 2022, according to a report by commercial real estate firm Kidder Matthews, while office occupancy was at 41.8%, according to a report by Kastle Systems. , up just 1%. Lower than September 2022 rate.

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