Boeing Divests Real Estate Assets To Stay Airborne

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The pandemic has chocked so many aircraft wheels that Boeing had to let go of a big chunk of it's real estate holdings for cash.  

It's HQ Was Last To Go

With the sale of its Commercial Airplanes headquarters campus at Longacres, Boeing completed a series of large real estate divestments this year to drastically cut costs during the pandemic-induced aviation slowdown.

Unico Properties, a subsidiary of a Seattle-based private equity real estate investment firm wrote out the check for the property, which some sources say raked in USD100 million for the aircraft manufacturer. 

The Last Of Many

Real estate asset sales by Boeing in 2021:

• Seven office park buildings in Bellevue’s Eastgate area for USD139 million 
• A large warehouse adjacent to Paine Field airport in Everett for USD35 million 
• 310 acres of unused land next to its Frederickson manufacturing facility for USD200 million 
• 2 office buildings in Renton for USD12 million

Receiving Loud And Clear

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