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Boeing Sheds 53 Acres in Auburn, Bellevue

SEATTLE-Boeing's real estate division sells 13.3 acres in Bellevue to Schnitzer Northwest and 40 acres in Auburn to publicly held AMB Property Corp. Land in Renton that the company sold last year is slated to become a $390-million urban village. Acreage in Portland and Long Beach, CA remains on the market.

By Brian K. Miller | Updated on December 27, 2005

SEATTLE-Boeing Realty Corp., the airplane manufacturer’s real estate arm, last week sold 53 acres in the region to two different developers that plan to build on the land in the near term. About 13.3 acres of office land within the I-90 Business Park in Bellevue was sold to Schnitzer Northwest for $15.5 million ($26.75 per sf) and 40 acres of industrial land at Cascade Industrial Park in Auburn was sold to publicly held AMB Property Corp. for $12.6 million ($7.23 per sf).

The Bellevue site is east of 156 Ave. SE and south of the parcel Boeing sold to the City of Bellevue in 2003, which eventually will become a park. Schnitzer has drawn up preliminary plans for a three-building 500,000-sf office complex on its new site. The Bellevue-based subsidiary of Portland, OR-based Schnitzer Investment Corp. is tentatively planning to break ground in the summer.

“This development will add value to the surrounding properties and the I-90 business corridor,” says Boeing Realty development manager John Powers. In support of that and its own operations, Powers says it will renovate existing Boeing’s buildings in the park over the next five years.

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