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Amazon.com, Inc. (NASDAQ:AMZN) is in late-stage discussions to plant its second headquarters in Northern Virginia, according to weekend reports.
What Happened
Current talks in Crystal City and the neighboring Alexandria involve the speed with which Amazon could transplant employees, the process of announcing the new site, the investment targets qualifying Amazon for government incentives and the specific buildings available for occupation.
Management has consulted JBG SMITH Properties (NYSE:JBGS) about its real estate, according to the Wall Street Journal, and JBG has actually removed some of its sites from the leasing market.
Why It’s Important
Insiders told the WSJ Amazon has not yet settled on a location and remains in deep negotiations in Dallas and New York City. Meanwhile, cities like Toronto, Nashville, Raleigh, Chicago, Miami and Atlanta — where contact with the company has faded — have not necessarily been ruled out.
The Washington Post, however, reported discussions with other front-runners are not as advanced, which suggests Crystal City may take the bid, the influx of 50,000 jobs and the economic stimulus promised by the e-commerce behemoth.
“A lot of us are anxiously awaiting a decision, an announcement from Amazon,” Virginia Gov. Ralph Northam said Wednesday. “[. . .] A lot of [Virginia government] resources are being expended right now, and I think for good reason.”
Notably, the leak of Crystal City’s placement may jeopardize the site’s standing.
“Memo to the genius leaking info about Crystal City, VA as #HQ2 selection. You’re not doing Crystal City, VA any favors. And stop treating the NDA you signed like a used napkin,” Mike Grella, Amazon’s director of economic development, tweeted Saturday.
What’s Next
Amazon committed to select a location by the end of 2018, although WSJ sources said it could decide this month. Some expect Amazon to announce smaller operations in other considered locations.
On Monday afternoon, WSJ reported Amazon will actually pick two cities and evenly distribute the workforce between those locations.
Amazon's stock closed Friday at $1,665.53. Shares are down 12 percent over the past month.
Related Links:
20 Candidates For Amazon's HQ2
Photo credit: Navy Petty Officer 1st Class Tim D. Godbee
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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