Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Clear Day 59° Clear
News >  Washington

Boeing sells land for $200M in plan to shrink holdings

UPDATED: Fri., Sept. 17, 2021

Associated Press

SEATTLE — Boeing has closed the sale of 310 acres of undeveloped land next to its Frederickson manufacturing plant in Pierce County for $200 million, real estate tax filings show.

The deal finalized this week is the latest as part of a large-scale local property sell-off by Boeing, which because of the business downturn has stated a goal of reducing the company’s total real estate by 30%, the Seattle Times reported.

Boeing spokesperson Jessica Kowal said the sale of the Frederickson land, which the company has owned for about 30 years, will not directly impact the manufacturing site operations or its employees.

About 850 workers at the site machine metal skin and wing spars for all Boeing airplanes and also fabricate the carbon composite vertical tail of the 777 and the components for the vertical tail of the 787 Dreamliner.

The buyer is commercial real estate firm Panattoni Development Company, which owns extensive industrial properties in the south Puget Sound region.

Earlier this summer, Boeing sold a warehouse in Everett for $35 million and seven office buildings in Bellevue’s Eastgate area for $139 million. The company has leased back the latter buildings for two years.

Among the local Boeing properties still on the market is its Commercial Airplanes headquarters at Longacres in Renton.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.