Boeing Sells Land For $200M In Plan To Shrink Holdings

SEATTLE (AP) — 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.