Microsoft co-founder Paul Allen has invested millions of dollars in developing real estate in the Seattle area. Now his investment fund is searching farther afield for bargains -- and changing its strategy to acquisitions. The fund, Vulcan, has acquired an empty office building in Tempe, Ariz., for $35 million. "Historically, we haven't been a significant buyer of existing buildings," says Ada Healey, vice president of real estate at the firm. Now buying makes more sense because "there are not a lot of tenants who are willing to pay rents that will justify new buildings."
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