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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 226.19-1.8%Dec 12 9:30 AM EST
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To: Oeconomicus who wrote (147070)9/6/2002 4:37:17 PM
From: Alomex  Read Replies (1) of 164684
 
The bulk of the anticipated fourth-quarter charges comes from a sharp write- down in the value of Bayside. The $114 million it's paying Deutsche Bank represents the market value of the complex when the lease was signed in August 2000.

But amid the sharp downturn in the commercial real estate market in Silicon Valley, Bayside's market value has since fallen more than 50% to between $37.5 million and $55 million, Inktomi estimated.

"The market out here went from vacancy rates being almost zero to vacancy rates of up to 40%," Mr. Gottfried said.

biz.yahoo.com
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