Boeing’s property at 2925 S. 112th St. in Tukwila, WA was originally purchased new in 1989 for $54.6 million and had been priced at $49.2 million by the King County Assessor’s Office. It’s been announced by the Puget Sound Business Journal that the Duwamish Towers property was purchased by Amerco (the parent company of U-Haul) for under market value at $19.5 million.
The building was represented by Newmark Knight Frank’s broker Tim O’Keefe and a team led by Kevin Shannon in a NFK California office. They also marketed and sold Boeing’s Bellevue property last year.
Boeing’s Bellevue property sold in late 2017 to Talon and Walton Street Capital for $35.7 million.
According to a statement early in 2017 by spokeswoman Debby Arkell, Boeing’s sale of under-used buildings in the area is a way to cut costs. This especially is needed after Boeing lost a multi-billion dollar Delta Airlines bid for 100 mid-sized jets to European company Airbus (EADSY) a few months ago in December.
“A unique adaptive re-use might be in play,” commented ORION’s Dan Foster.