Long Beach, CA
The real estate unit of Chicago-based Boeing Company, Boeing Realty Corp. handles 120 million-plus square feet of office and industrial space (asset value of $9 billion) nationwide - most of it occupied by Boeing itself. Formed nearly three decades ago by McDonnell Douglas to dispose of surplus real estate and act as the company's commercial real estate developer, Boeing Realty focuses on applying industrial investment and portfolio management processes to facilitate the Boeing Company's real estate needs. All aspects of real estate strategies, acquisitions and dispositions, development, and leasing worldwide for the Boeing Co. are under the helm of a staff of 30 professionals at Boeing Realty Corp. Here, the strategy is that reallocating and selling excess assets provides capital to be reinvested back into Boeing Co.'s core businesses, while creating benefits to local communities through the revitalization of under-utilized real estate. With additional offices in St. Louis and Seattle, word out is that Boeing Realty Corp. will be moving its headquarters operations from Long Beach to the Irvine Spectrum in Fall 2002.
[Editors' Note: A master developer that has created exceptional value out of vacant land and excess aircraft manufacturing facilities, Boeing Realty Corp. continues to redefine itself. Corporate objectives include focusing on its internal resources for strategic functions while outsourcing tactical functions to third-party service providers.]