Boeing sells land for $200M in plan to shrink holdings

SEATTLE (AP) — Real estate tax filings show Boeing has closed the sale of 310 acres of undeveloped land next to its Frederickson manufacturing plant in Pierce County for $200 million. The Seattle Times reports this is the latest deal finalized as part of a large-scale local property sell-off by the company. Because of the steep business downturn Boeing has stated a goal of shrinking the company’s total real estate by 30%. Boeing spokesperson Jessica Kowal said the sale of the Frederickson land will not directly impact the manufacturing site operations or its employees. The buyer is commercial real estate firm Panattoni Development Company, which owns extensive industrial properties in the south Puget Sound region.