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Boeing puts up for sale its Commercial Airplanes headquarters campus outside Seattle

Dominic Gates, The Seattle Times on

Published in Business News

On Seattle's Beacon Hill, a small, empty quarter-acre Boeing site that used to be a radio tower location is for sale.

In this same round of property divestment, last fall Boeing dropped its lease and moved 1,500 engineers out of its offices at Harbour Pointe in Mukilteo, near its Everett assembly plant.

Worries about the future

The property sell-off is part of Boeing's effort to navigate through its worst downturn since the slump of the early 1970s.

The grounding of the 737 MAX for almost two years had already drained Boeing's finances when the pandemic paralyzed air travel and the cash bleed became a gusher.

In response, Boeing had to shelve near-term plans to launch a new airplane, and instead cut jet production rates and slashed 20,000 jobs companywide last year, with 10,000 more jobs to go this year.

 

In this state, ongoing layoffs and buyouts saw Boeing cut just shy of 15,000 jobs last year.

Last month, Boeing consolidated assembly of the 787 Dreamliner in South Carolina — abandoning the original assembly line in Everett.

Boeing is also shuttering its manufacturing research and development center across from Boeing Field on Marginal Way — though that facility, in a complex that includes various defense production work, is not for sale.

In the fall, corporate CFO Greg Smith said the company was "reviewing every piece of real estate, every building, every lease, every warehouse, every site," with a goal of shrinking the company's total real estate by 30%.

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