Boeing Realty Corp. Announces Offering of Finished Lots for Sale in its New 240-acre Pacific Gateway Business Park

Apr 24, 2001, 01:00 ET from Boeing Realty Corp.

    KENT, Wash., April 24 /PRNewswire Interactive News Release/ -- Boeing
 Realty Corp., a subsidiary of The Boeing Company (NYSE:   BA), today announced
 that the roads and infrastructure for Phase I of the new 240-acre Pacific
 Gateway Business Park in Kent, Wash. have been completed. Pacific Gateway is
 one of the largest land investment opportunities currently available in the
 greater Seattle area. A development of surplus land owned by The Boeing
 Company, the property is located next to the Boeing Space Center along West
 Valley Highway between South 196th Street and South 212th Street.
     "Pacific Gateway represents a rare opportunity for corporate users or
 developers to build and own their own real estate within a premier
 master-planned business park," said Phil Cyburt, president of Boeing Realty
 Corp. "To insure sustainability and protect investment value, we have
 instituted high quality architectural and design guidelines and CC & Rs."
     Boeing Realty Corp., acting as the master developer of the project, has
 hired CB Richard Ellis to lead the marketing effort. Offering letters have
 been sent to prospective buyers, including corporate users, developers and the
 investment community.
     "We have experienced significant investor and tenant demand because of the
 unique value that Boeing Realty Corp. adds to this development project," added
 Bill Palmer, managing director of CB Richard Ellis. "Boeing Realty has the
 capability to joint venture with developers, build-to-suit for tenants that
 want to own their own facilities or sell the land outright. That's why this is
 such an exciting opportunity."
     Infrastructure improvements for Pacific Gateway include installation of
 fiber optic corridors designed to house the latest in technology and
 communications cabling as well as construction of sewers, storm drains and
 utilities. In addition, Boeing Realty Corp. has constructed a new public road
 system to serve the subdivided property and provide local access. New roads
 include a north/south arterial between South 196th Street and South 212th
 Street and access to the property from West Valley Highway.
     Pacific Gateway Business Park has entitlements to build more than
 2.4 million square feet of industrial and office buildings and is one of the
 largest fully entitled tracts of available commercial land in the greater
 Seattle region.  Boeing Realty Corp. is beginning the entitlement process for
 the second phase of the project, which will total an additional 40 acres.
     "By working closely with the City of Kent to form a public and private
 partnership, we have created a win-win situation," Cyburt said. "Boeing will
 enhance shareholder value by selling the surplus land and the City of Kent
 will reap the economic benefits of increased diversification of jobs, enhanced
 property tax revenue, upgraded infrastructure and an income multiple that
 comes with 2.4 million square feet of development."
     Boeing Realty Corporation, a wholly owned subsidiary of The Boeing
 Company, is a centralized corporate real estate organization responsible for
 real estate strategies, acquisitions and dispositions, and leasing worldwide
 for The Boeing Company. As a leader in the real estate industry, Boeing Realty
 Corp. to date has developed more than seven million square feet of commercial
 space, brought more than 1,000 acres of mixed-use development to the market in
 the last five years and completed 50 major development projects throughout the
 United States. Boeing Realty Corp. focuses on applying institutional
 investment and portfolio management processes to meet Boeing's real estate
 needs.
     CONTACT:  Ron Ciro of The Boeing Company, 206-544-5905, or
 Ronald.j.ciro@boeing.com; or Natalie Price of The Fearey Group, 206-343-1543,
 or nprice@feareygroup.com, for Boeing Realty Corporation.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66515793
 
 

SOURCE Boeing Realty Corp.
    KENT, Wash., April 24 /PRNewswire Interactive News Release/ -- Boeing
 Realty Corp., a subsidiary of The Boeing Company (NYSE:   BA), today announced
 that the roads and infrastructure for Phase I of the new 240-acre Pacific
 Gateway Business Park in Kent, Wash. have been completed. Pacific Gateway is
 one of the largest land investment opportunities currently available in the
 greater Seattle area. A development of surplus land owned by The Boeing
 Company, the property is located next to the Boeing Space Center along West
 Valley Highway between South 196th Street and South 212th Street.
     "Pacific Gateway represents a rare opportunity for corporate users or
 developers to build and own their own real estate within a premier
 master-planned business park," said Phil Cyburt, president of Boeing Realty
 Corp. "To insure sustainability and protect investment value, we have
 instituted high quality architectural and design guidelines and CC & Rs."
     Boeing Realty Corp., acting as the master developer of the project, has
 hired CB Richard Ellis to lead the marketing effort. Offering letters have
 been sent to prospective buyers, including corporate users, developers and the
 investment community.
     "We have experienced significant investor and tenant demand because of the
 unique value that Boeing Realty Corp. adds to this development project," added
 Bill Palmer, managing director of CB Richard Ellis. "Boeing Realty has the
 capability to joint venture with developers, build-to-suit for tenants that
 want to own their own facilities or sell the land outright. That's why this is
 such an exciting opportunity."
     Infrastructure improvements for Pacific Gateway include installation of
 fiber optic corridors designed to house the latest in technology and
 communications cabling as well as construction of sewers, storm drains and
 utilities. In addition, Boeing Realty Corp. has constructed a new public road
 system to serve the subdivided property and provide local access. New roads
 include a north/south arterial between South 196th Street and South 212th
 Street and access to the property from West Valley Highway.
     Pacific Gateway Business Park has entitlements to build more than
 2.4 million square feet of industrial and office buildings and is one of the
 largest fully entitled tracts of available commercial land in the greater
 Seattle region.  Boeing Realty Corp. is beginning the entitlement process for
 the second phase of the project, which will total an additional 40 acres.
     "By working closely with the City of Kent to form a public and private
 partnership, we have created a win-win situation," Cyburt said. "Boeing will
 enhance shareholder value by selling the surplus land and the City of Kent
 will reap the economic benefits of increased diversification of jobs, enhanced
 property tax revenue, upgraded infrastructure and an income multiple that
 comes with 2.4 million square feet of development."
     Boeing Realty Corporation, a wholly owned subsidiary of The Boeing
 Company, is a centralized corporate real estate organization responsible for
 real estate strategies, acquisitions and dispositions, and leasing worldwide
 for The Boeing Company. As a leader in the real estate industry, Boeing Realty
 Corp. to date has developed more than seven million square feet of commercial
 space, brought more than 1,000 acres of mixed-use development to the market in
 the last five years and completed 50 major development projects throughout the
 United States. Boeing Realty Corp. focuses on applying institutional
 investment and portfolio management processes to meet Boeing's real estate
 needs.
     CONTACT:  Ron Ciro of The Boeing Company, 206-544-5905, or
 Ronald.j.ciro@boeing.com; or Natalie Price of The Fearey Group, 206-343-1543,
 or nprice@feareygroup.com, for Boeing Realty Corporation.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66515793
 
 SOURCE  Boeing Realty Corp.

RELATED LINKS

http://www.boeing.com