Boeing sells its Commercial Airplanes headquarters for $100M, completing its local true estate divestments

Boeing has finalized the sale of its Industrial Airplanes headquarters campus at Longacres, which was put on the market place in April.

The purchaser is Unico Properties, a subsidiary of a Seattle-primarily based personal fairness genuine estate expenditure firm. The corporation did not disclose the acquire rate but a person with information of the sale gave it as $100 million.

In a information release Unico said it acquired the internet site for its area near commuter rail, the Southcenter shopping mall and Seattle-Tacoma Intercontinental Airport as a “transit-oriented investment decision.”

The sale completes a collection of substantial true estate divestments by Boeing this year, driven by its need to greatly slash charges during the pandemic-driven aviation downturn.

The web page involved not only the headquarters creating but one more making that the moment housed Boeing’s condition-of-the-art coaching facilities and total-flight simulators. Pilots and airline mechanics employed to occur there from about the globe ahead of Boeing moved the simulators to Miami and dispersed the coaching to other facilities.

Boeing bought the web page 31 many years in the past, displacing the former Longacres horse-racing track.

The lavish flight teaching centre opened 1st and cost $65 million to create, according to former Boeing Vice President Peter Morton, who finalized the information.

Morton rented a grand piano and commissioned audio by Seattle-based mostly pianist and composer Walt Wagner to be performed at the opening ceremony in 1995.

Before this calendar year Boeing had now marketed off:

For the Bellevue offices, Boeing agreed to a lease to go on occupying that business office park for two years.

The only Boeing residence remaining on the marketplace is a very small, quarter-acre parcel on Beacon Hill, the internet site of a former radio tower.

Ned Carner, Unico chief investment officer, in a statement touted the 150-acre Longacre campus’s “enviable connectivity and a park-like location,” which contains two large ponds, an apple orchard and a 1-mile going for walks path.

It encompasses 962,800 industrial sq. ft among two large office environment structures as nicely as a working day care facility and about 2,150 parking stalls. It’s situated 3 miles from the Tukwila Transit Center with following-cease access to downtown Seattle.

Unico ideas funds investments to refresh and modernize the properties, the enterprise explained.

Correction: A former model of this story mistakenly conflated two individual occasions when Boeing VP Peter Morton ordered a piano for the business.
For the 1995 opening ceremony of the flight coaching middle at Longacres, Morton rented a grand piano for pianist Walt Wagner, who executed with the Bellevue Philharmonic Orchestra and The Boeing Choir.
It was 4 many years afterwards that he acquired a $17,000 Baldwin grand piano, which he set up at the Boeing Management Centre in St Louis for the social aspect of the govt retreats there.