The Bomarc Business Park is adjacent to the Snohomish County Airport-Paine Field. The 458,000-sf Bomarc 45-70 Building is where the Boeing Co. used to assemble, store and distribute interior panels for its commercial airplanes. The Bomarc Business Park is adjacent to the Snohomish County Airport-Paine Field.
The Fibres lease brings the asset to 33% occupancy, according to Boeing Realty, the airline manufacturer's real estate subsidiary. The rest of the occupied space was leased in July, when long-time Boeing sheet metal supplier Giddens Industries committed to 105,000 sf, where it has consolidated three operating facilities into one.
Fibres International plans to use its space in the building for processing, distribution, storage and support functions related to the reclamation of recyclable materials and other recycling services. "Many of our employees live in Snohomish County and now have a more convenient commute," says Fibres International president Paul Harrison, adding, that the building's layout "has allowed us to move all operations indoors, which is more environmentally sound, and we will receive significant cost savings over our previous location."
Mike Shigley of Trammell Crow Company and Richard Peterson and Darrell Okada of Puget Sound Properties represented Boeing Realty in the transaction. John Bauer of CB Richard Ellis represented Fibres International.
The parties involved did not release the term and rate on the leases. The advertised rate for the space is $0.27 to $0.35 per sf per month, triple net, or between $3.24 and $4.20 per sf per year.
In June, hearth manufacturer Travis Industries has signed a 12-year, $19.2-million lease for Centre 41, Boeing's 476,000-sf industrial building at Harbour Pointe in nearby Mukilteo, WA. The 12-year lease included two five-year extension options. Based on the numbers provided by the parties involved, the average lease rate over the life of the initial term is $3.50 per sf per year, triple-net.
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