Amazon to Pay $2.7 Billion for Redwood City

Amazon.com Inc. will pay a record $2 billion for a parcel of land on Redwood National and State Parks in California that it owns but is still under federal jurisdiction, according to people familiar with the transaction.The land, about 7,000 acres of undeveloped forestland, will be known as the “Reno Redwood” after the city in…

Published by admin inSeptember 16, 2021
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Amazon.com Inc. will pay a record $2 billion for a parcel of land on Redwood National and State Parks in California that it owns but is still under federal jurisdiction, according to people familiar with the transaction.

The land, about 7,000 acres of undeveloped forestland, will be known as the “Reno Redwood” after the city in northern California’s Imperial Valley.

Amazon is not disclosing the terms of the deal.

The sale is subject to customary closing conditions, which were disclosed in an investor presentation Tuesday.

Amazon acquired the land for $1.8 billion in 2015.

The land, which sits in the northern California region where Amazon is building an office and fulfillment center, will help Amazon move its headquarters to the new location.

The company bought the land in 2012 for $5.7 billion, and it’s owned it since then.

Amazon has been pursuing the land since at least 2011, when the company acquired the site for a $3 billion project in the San Francisco Bay area.

The San Francisco Chronicle reported in 2015 that the land was subject to a 10-year lease, which expired last month.

Amazon did not immediately respond to a request for comment.

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