Boeing this week closed the sale of 310 acres of undeveloped land adjacent to its Frederickson manufacturing plant in Pierce County for $200 million, real estate tax filings show.
This is the latest deal closed as part of a large-scale local property sell-off by Boeing, which because of the steep business downturn has said it is reviewing all its office, warehouse and land holdings and has set a goal of shrinking the company’s total office space by 30%.
Boeing spokesperson Jessica Kowal said the sale of the Frederickson land, which the company has owned for just over 30 years, will not directly impact the manufacturing site operations or its employees.
The site, which employs about 850 workers, machines metal skin and wing spars for all Boeing airplanes and also fabricates 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 already owns extensive industrial properties in the south Puget Sound region, including the DuPont Logistics Center south of Tacoma and the Pacific Gateway Industrial Park in Kent.
Earlier this summer, Boeing sold off a warehouse at the Bomarc Business Park in Everett for $35 million and seven office buildings in Bellevue’s Eastgate area for $139 million. It 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.