Home Commercial Boeing Closes on Long-Awaited Deal for Everett Asset for $35MM

Boeing Closes on Long-Awaited Deal for Everett Asset for $35MM

By Meghan Hall

A long-awaited deal has finally closed in the Puget Sound, as multinational aerospace company Boeing has sold off an Everett transportation building. In a deal that closed on Wednesday, Boeing sold 2600 94th St. SW to Canada-based Bosa Development for $35  million, according to public records.

The property, states Snohomish County assessor’s data, is also known as the Bomarc complex. The property is home to a two-story building constructed in 1990 that totals about 458,000 square feet. In all, the property sits on 30 acres of land. Boeing does not own the land that the building sits on, and has a long-term ground lease with Snohomish County, according to previous reporting.

The asset is located just adjacent to Paine Field and the Boeing Everett Delivery Center. The Kasch Park Athletic Complex, as well as the Sno-Isle Tech Skills Center are also located nearby.

Boeing is working to downsize its commercial real estate holdings after a tumultuous year. In the spring, the company also placed 310 acres in Fredrickson, Wash. on the market. The property is located at 18001 Canyon Rd. E and is near the “Skin and Spar” and “Composite Manufacturing Center,” both factories. The factories produce parts for commercial airliners as well as for the Boeing 777, Boeing 777x and Boeing 787.

The firm is also expected to sell its Boeing Longacres campus, located in Renton. However, while industry sources reported a spring sale likely, a transaction has yet to be forthcoming. Boeing originally bought the 205-acre campus in 1990.

In January of 2020, Boeing sold a 30-acre campus in Kent for $60 million. The buyer of the property was B9 Pacific Gateway Industrial Owner LLC, an entity based in Chicago, and the asset included 15 different parcels.

Since the end of 2020, Boeing has been looking to consolidate its real estate holdings and reduce its portfolio by nearly a third. The firm was heavily impacted by the halt in travel as a result of coronavirus and closed its factories for several weeks as the pandemic took hold. In April, the company reported its sixth straight quarter of losses. During the first quarter, the company reported losses of $561 million. Over the past six quarters, its losses have reached $13.4 billion.