By Meghan Hall
A local engineering and technology firm has sold off its Seattle headquarters as its plans for its future in the region take shape. In a deal that closed on August 10th, but just recently recorded, GM Nameplate has sold its Seattle headquarters for $27,807,240, or about $916 per square foot. The buyer was New York-based New Mountain Capital, according to public records.
The property is located at 2040 15th Ave. W. King County Assessor’s data indicates that the asset totals 30,330 square feet and was originally constructed in 1948. The building sits on about 1.67 acres of land.
The transaction, according to records, was part of a sale-leaseback transaction. GM Nameplate will lease the building for 20 years, according to the agreement. An option to extend the lease by ten years, followed by a second option to extend almost an additional five, are also laid out in the terms of the lease.
GM Nameplate was originally founded in 1954. Currently, the company has more than 1,000 employees spanning six plant sites: Seattle, San Jose, Calif., Monroe, N.C., Beaverton, Oreg., and Singapore. The firm supplies aeronautical parts to major firms such as Boeing, Rockwell Automation, John Deere, Mitsubishi and others.
The sale of the property follows shortly on the heels of Pleasanton, Calif.-based Boyd Corporation’s acquisition of GM Nameplate. Boyd acquired the company at the end of June. The acquisition will help Boyd expand its engineered materials technology and innovation offerings.
“We are thrilled to bring GMN, a company with a strong legacy of innovation and product excellence, into the Boyd family,” stated Boyd CEO Doug Britt at the time of the deal. “GMN complements and broadens our already diverse portfolio of differentiated technology solutions. This acquisition further enhances our ability to solve our customers’ most demanding performance materials challenges.”
The goal of the acquisition was to allow both companies to continue to grow, with the goal of going public in the future.