Home Commercial Boeing Employees’ Credit Union Sells Tukwila Offices to Nicola Wealth for ~$18MM

Boeing Employees’ Credit Union Sells Tukwila Offices to Nicola Wealth for ~$18MM

Boeing Employees Credit Union, Tukwila, Gateway Corporate Center, Nicola Wealth
Courtesy of Nicola Wealth

By Meghan Hall

The Boeing Employees’ Credit Union has sold two office buildings in Tukwila to an investor already well-familiar with the neighborhood. In a deal that closed on February 2nd, Vancouver-based Nicola Wealth purchased Buildings 5 and 6 within the Gateway Corporate Center for $17,977,290.25, or just under $211 per square foot. 

The two buildings are located at 12761 and 12806 Gateway Drive. 12761 Gateway was originally constructed in 1986 and totals 39,376 rentable square feet while 12806 Gateway totals 45,863 square feet, according to King County Assessor’s data.

Nicola already owns four other buildings within the Gateway Corporate Center, located at 12830 – 13028 Interurban Ave. S. Nicola acquired the 181,438 square feet of the property in 2019 for about $40 million. The buildings were originally built between 1986 and 1991 and sit on 13.97 acres of land. 

Gateway Corporate Center totals nine buildings and 450,000 square feet. According to previous reporting by The Registry, the Class A office campus is well-positioned, close to major transit corridors including I-5, I-405 and State Route 167. The campus also benefits from flexible layouts and truck loading.

Nicola Wealth is a Canadian financial planning and investment firm with $9.8 billion of assets under management, according to its website. Its commercial real estate portfolio, which makes up a portion of its assets under management, spans across the United States and Canada. Within Seattle, the company owns 16 different assets, including the Northgate Executive Center and the University District Building. The company generally works through joint ventures and direct investment, targeting major markets with strong fundamentals, including rental income, value-add and market appreciation.