Griffin Capital Acquires Boeing Capital's Global HQ

EL SEGUNDO, CA—Griffin Capital Corporation’s Griffin Capital Net Lease REIT, Inc., has acquired an approximately 70,100 square-foot, Class A office building located in Renton, WA. for $12 million ($171 per square foot). The Property is 100% leased to The Boeing Company and utilized as Boeing Capital Corporation’s global headquarters. The Boeing Company (NYSE:BA) is one of the world’s leading aerospace and defense companies, one of thirty corporations comprising the Dow Jones Industrial Average and ranked 39th among the ‘Fortune 500′ list of America’s largest corporations in 2012. Boeing Capital Corporation is a wholly-owned subsidiary of The Boeing Company that facilitates financing of the company’s products for its many airline clients.

The property is adjacent to many key Boeing facilities including, the Longacres Campus, Boeing Airfield and its 737 Assembly Plant. In particular, the adjacency to the Boeing Longacres Campus, which is the global headquarters location for Boeing Commercial Airplanes, was a key driver for Boeing Capital’s decision to locate its global headquarters at the property. Boeing Capital Corporation has been headquartered at the Property since 1997 when the subsidiary was acquired through a merger with McDonnell Douglas. During its tenancy, Boeing has expended considerable capital improving the Property, including a new roof system and parking area upgrades.