Tesla Said to Be Eyeing Large Commercial Space Near Seattle

Tesla is reportedly looking at a huge new location 40 minutes south of Seattle.
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Tesla  (TSLA) - Get Report is reportedly looking at developing a massive commercial space near Seattle, media outlets said Wednesday.

Denver-based Black Creek Group said Monday that it had pre-leased a 470,000 square foot building at its Lakewood Logistics Center II campus to a "leading e-commerce provider." Amazon  (AMZN) - Get Report confirmed it was the tenant, according to a report in the Puget Sound Business Journal.

Real estate industry sources said Tesla is negotiating a lease for the other building, which is about 206,000 square feet.

Lakewood is located about 40 minutes south of Seattle. 

The property consists of two large buildings: a 470,000 square-foot building and a 206,000 square-foot building. Tesla currently operates seven retail stores and service centers in the Seattle area.

Tesla hit a fresh record high on Wednesday, fueled by a price target increase from Morgan Stanley and the potential for Democratic control of Congress that would favor legislation for the electric car industry. Shares of the Palo Alto, Calif.-based company were up 4.2% to $766.19 at last check. 

Morgan Stanley analyst Adam Jonas raised his price target by $270 to $810 per share, and called Elon Musk's clean-energy carmaker the industry's "chosen one" thanks to its "people, its technology, business model and access to capital". 

In October, Tesla filed documents with the Texas Commission on Environmental Quality seeking permission to operate a “cell-manufacturing unit” at what it calls Tesla Giga Austin.

Tesla, which is currently building another production facility in Germany, did not immediately respond to a request for comment.

Meanwhile, Amazon confirmed it would be moving into Black Creek Group's Lakewood facility.

“The Lakewood delivery station is expected to open in 2021 and create hundreds of full and part-time associate jobs, all paying at least $15 per hour and offering a variety of benefits packages from day one, as well as hundreds of driver opportunities through Amazon’s Delivery Service Partners and Amazon Flex,” an Amazon spokesperson told the Tacoma News Tribune.

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