By Meghan Hall
In the wake of the coronavirus pandemic and financial strain, Boeing is continuing to move forward with the sale of many of its Puget Sound assets. In another deal that recently closed, the multinational aerospace firm sold its Bellevue offices for $139 million. The deal closed just before the end of June, and the buyer was Palm Beach, Flor.-based Westbrook Partners.
The asset is located at 2810 160th Ave. SE. According to King County property records, the asset is developed with an 85,000 square foot building constructed in 1981. The building sits on about 8.3 acres of land.
The property is in a highly commercial part of Bellevue, with close proximity to other major forms, including Microsoft, Samsung Electronics and T-Mobile. Bellevue College, as well as the Sunset Village Shopping Mall, are also located nearby.
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.
In recent weeks, 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. Boeing has 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 company is also expected to try to sell its 205 Longacres campus, located in Renton.
The buyer of Boeing’s Bellevue building, Westbrook PArtners, is a privately-owned real estate company. The firm was founded in 1994 and has since raised and invested more than $14 billion of equity in more than $50 billion of real estate transactions in major markets world-wide.