By Meghan Hall
Boeing has completed the disposition of a number of its Puget Sound assets, and now, it has sold the final piece of the puzzle. According to public records, Boeing has sold its Longacres Campus in Renton, Wash., for $100 million. The buyer was Unico, a private equity real estate investment firm.
The property was first on the market in April of this year. Located at 1901 Oakesdale and 1301 SW 16th Street, the campus includes 962,800 square feet of commercial space as well as 2,150 parking stalls. The square footage also includes a daycare facility.
Boeing originally acquired the property 31 years ago, and it formerly operated as a horse-racing track. The company spent $65 million repositioning the property for its own uses; the campus’ buildings were used for flight training and contained simulators for pilot use.
“Unico is thrilled to own an important piece of Puget Sound history and we are excited to turn it into something that will build upon the cherished cultural and economic legacy of Longacres,” said Ned Carner, Unico’s chief investment officer. in a statement “We were attracted by the great potential of what Longacres could be and the investments the City of Renton has made in its future.”
Boeing has been working to sell off the bulk of its Puget Sound property portfolio as it continues to evaluate its space usage amid the pandemic. Over the past two years, Boeing has sold 15 parcels in Kent for $60 million, 310 acres in Frederickson for $200 million, and its Bellevue offices for $139 million. In another deal, Boeing sold 2600 94th St. SW to Bosa Development for $35 million.
Just last week, in one of the smaller transactions to-date, Boeing closed on the sale of two Renton office buildings for about $12 million. The properties were sold to San Diego-based AAA Management.
Unico selected the property because of its proximity to transit, according to a statement from the company. It plans to revamp and refresh the buildings in the future. The firm currently has $4.3 billion in its portfolio, which spans office, multifamily and mixed-use properties. Currently, Unico owns nearly 18 million square feet of property, according to its website. The firm is responsible for developing Two Union Square, a 1.126 million square-foot tower, as well as Rainier Tower, which rises 41 floors and includes 538,000 square feet. Both are located within the Metropolitan Tract of Seattle.