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Boeing sells land for $ 200 million in plan to cut holdings

Boeing has closed the sale of 310 acres of undeveloped land next to its Frederickson manufacturing plant in Pierce County for $ 200 million, according to property tax returns.

The deal finalized this week is the latest in a large-scale local real estate sale by Boeing, which, due to the downturn in activity, has set itself a target of reducing the total by 30% from the real estate of the company, reported the Seattle Times.

Boeing spokeswoman Jessica Kowal said the sale of the Frederickson land, which the company has owned for about 30 years, will not have a direct impact on the manufacturing site’s operations or its employees.

Approximately 850 workers at the site machine metal linings and wing spars for all Boeing aircraft and also manufacture the carbon composite vertical tail of the 777 and vertical tail components of the 787 Dreamliner.

The buyer is the commercial real estate company Panattoni Development Company, which owns large industrial properties in the southern area of ​​Puget Sound.

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

Among Boeing’s local properties still in the market is its commercial aircraft headquarters at Longacres in Renton.

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Rodney N.

The author Rodney N.