Boeing Co., Chicago, agreed to buy its Chicago headquarters building from the Florida State Board of Administration, according to spokesmen for Boeing and the $113 billion pension fund. Terms were not disclosed. The deal is expected to closed on or before Aug. 22.
Boeing initiated the deal, said Ken Mercer, Boeing spokesman. "It was a good business decision," he explained. Boeing has leased about 37% of the space in the 770,300-square-foot, 36-story building since it moved its corporate office from Seattle in September 2001.
The Florida fund purchased the property in October 1997, and owns it directly, said Michael P. McCauley, the fund's director of investment services and communications. The board plans to reinvest the proceeds in real estate, in which the board has $5.328 billion, or 4.7% of assets, Mr. McCauley said.