Agency Will Stay At Least Five Years, But Wants More Space

The FAA has a regional headquarters in Renton, Washington, in Boeing's neighborhood, and 1,400 employees work there. Two years ago, according to the Seattle Times, the US General Services Administration announced the FAA needed another half-million square feet of space, and that it wanted to sign a lease by this year.

In the time since, the FAA has decided it doesn't need that much space, and in August of 2010 signed on for another five years in its current building, with an option for two more years after that.

It's not clear whether this back-and-forth was a little too much heartburn for the landlord, but for whatever reason the building has now been sold, for a slight loss. Unico Properties, based in Seattle, and JP Morgan, which together co-owned the building, paid $36 million for the five-story, 200,000 sq. ft. structure in 2007. The new owner is Federal Partners, based in Boston, MA, which acquired the building for a reported $35.25 million. Unico will be retained as the property manager.

GSA spokeswoman Stephanie Kenitzer tells the Times her agency hopes to develop a plan for meeting the FAA's space requirements as soon as the FAA can pin down what it really needs. Renton Economic Development Director Alex Pietsch says the city is anxious to keep all 1,400 FAA employees working in the city.

FMI: www.faa.gov