Boeing Sells Commercial Aircraft Headquarters for $ 100 Million, Completing Local Real Estate Disposals

Boeing has finalized the sale of its commercial aircraft headquarters campus in Longacres.

The buyer is Unico Properties, a subsidiary of a Seattle-based real estate investment company. The company did not disclose the purchase price, but someone with knowledge of the sale gave it to $ 100 million.

In a press release, Unico said it purchased the site for its location near the commuter train, Southcenter Mall and Seattle-Tacoma International Airport as a “transit-focused investment.” .

The sale completes a series of significant real estate divestitures by Boeing this year, driven by its need to dramatically cut costs during the aviation downturn caused by the pandemic.

The site included not only the headquarters building, but another building that once housed Boeing’s state-of-the-art training facilities and flight simulators. Pilots and airline mechanics traveled there from all over the world before Boeing moved the simulators to Miami and dispersed the training to other facilities.

Boeing bought the site 31 years ago, relocating the old Longacres racecourse.

The lavish flight training center opened first and cost $ 65 million to build, according to former Boeing vice president Peter Morton, who finalized the details.

Morton installed a $ 17,000 piano and commissioned music from Seattle pianist and composer Walt Wagner to be performed at the opening ceremony in 1995.

Earlier this year, Boeing had already sold:

For the Bellevue offices, Boeing has accepted a lease to continue occupying this office park for two years.

The only Boeing property left on the market is a tiny quarter-acre piece of land on Beacon Hill, the site of a former radio tower.

Ned Carner, Unico’s chief investment officer, touted in a statement the “enviable connectivity and park-like setting” of the 150-acre Longacre campus, which includes two large ponds, an apple orchard and a walking trail. 1.6 km.

It includes 962,800 square feet of commercial space between two large office buildings as well as a daycare center and approximately 2,150 parking spaces. It is located 3 miles from Tukwila Transit Center with immediate access to downtown Seattle.

Unico is planning capital investments to refresh and modernize the properties, the company said.

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