Building History

The Unico Properties, Incorporated, web site stated: "The FAA Building is an institutional quality office building situated on 8.8 acres and developed in 1990. The property features state-of-the-art technology infrastructure, a full-service cafeteria, a stand-alone childcare center, and an employee fitness center." (See Unico Properties, Incorporated, "FAA Building," accessed 11/05/2018.) Unico sold the FAA Building in 2011.

In 04/232018, FP-FAA Seattle LLC, a company connected with Spaulding and Slye Investments, of Boston, MA, sold this property to Los Angeles-based BH Properties for $13.8 million. This was less than half of what FP-FAA LLC purchased the property for ($35.25 million) in 2011. According to The Registry.com: "The transaction in Renton was for a three-parcel property, according to public documents. The first parcel, located at 1602 Raymond Ave. SW., contains a 6,050 square foot Class C structure built in 1994. The second parcel, located at 1601 Lind Ave. SW., contains a 5-story office building that totals 199,168 square feet which, according to the property listing on Unico Properties’ web site, is the Federal Aviation Administration (FAA) building. The institutional quality office building, sitting on 8.8 acres and constructed in 1990, features state-of-the-art technology infrastructure, a full-service cafeteria, a childcare center and employee fitness center. The final parcel, located at 1650 Raymond Ave. SW., contains a 100,188 square foot commercial parking lot that sits on 2 acres." (See The Registry.com, "BH Properties Acquires Renton Property For $13.8MM, Less Than Half What Seller Paid in 2011," published 04/24/2018, accessed 11/05/2018.)

The FAA left this facility for a new, leased, office building erected by Panattoni Development Company in 2016-2018 in Des Moines. The Registry.com said of this move: "The FAA is currently in the process of moving its new regional headquarters from Renton to the 87-acre Des Moines Creek Business Park—located three miles south of SeaTac Airport—which is being built by Panattoni Development. The U.S. General Services Administration (GSA) and the FAA broke ground on the project in June 2016, and the undertaking is expected to be complete in spring 2018." (See The Registry.com, "BH Properties Acquires Renton Property For $13.8MM, Less Than Half What Seller Paid in 2011," published 04/24/2018, accessed 11/05/2018.)

Building Notes

PCAD id: 22487