Home Finance Boeing Leases 845,000 SQFT in Frederickson ONE Industrial Complex

Boeing Leases 845,000 SQFT in Frederickson ONE Industrial Complex

Boeing, Frederickson ONE, Frederickson, Puget Sound, Chicago, Logistics Property Co, Kent, Logisticenter at Pacific Gateway, CBRE, Davis Property & Investment, Seattle, Infinity Global Distribution, Tacoma Central Logistics, Toysmith, Tacoma

By The Registry Staff

The aerospace giant Boeing is expanding its presence in the Puget Sound region. The firm submitted applications for tenant improvement building permits for space within the Frederickson ONE industrial complex, according to a report from the Puget Sound Business Journal. 

The buildings, located at 20436 34th Ave. E. and 20015 34th Ave. E., are part of the Frederickson ONE development, which is under the ownership of Chicago-based Logistics Property Co. Boeing’s recent permit applications filed with Pierce County pertain to modifications for buildings four and seven within the complex, encompassing 533,400 and 312,000 square feet, respectively, according to the report. In total, the firm will occupy 845,400 square feet.

The Frederickson ONE project is a 2.5 million square foot Class A industrial park, according to Logistics’ website. The site is zoned to allow for heavy industrial, distribution or manufacturing. Features include 56’ wide private roads for truck maneuvering, direct access from 38th Avenue East and 200th Street East as well as primary access via a new six-lane Canyon Road.

The site is situated in “one of the most active and fastest growing industrial areas in the South Puget Sound market,” Logistics’ website states.

Boeing has been expanding in other parts of the region as well.

In the third quarter of 2023, Boeing took more than 700,000 square feet in two leasing deals in Kent, according to previous reporting by The Registry. Boeing moved into a total of 705,725 square feet of space, which breaks down into 402,667 square feet at buildings three and four of Logisticenter at Pacific Gateway and 390,150 square feet at the nearby 8220 S 212th St.

A third quarter report from CBRE shows that the aerospace company’s newest leases are part of a wider increase in the region’s leasing volume, ultimately leading to a positive absorption of 678,940 square feet in the third quarter.

The Puget Sound region has seen a number of industrial leases throughout the area in recent months.

Earlier this year, Kent-based Davis Property & Investment announced the signing of two major leases for their new industrial developments in South Sound. The two developments boast a combined area of over 400,000 square feet. One of the companies stepping into this space is Seattle-based Infinity Global Distribution, which decided to lease 248,000 square feet at Tacoma Central Logistics property at 1950 S. State St. The second lease was for Toysmith, a Tacoma-based toy seller, at the 160,000 square foot Pacific 167 building located at 541 W. Valley Highway S. in Pacific.