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Dec. 5, 2012

Boeing Buys 178,000-Sq.-Ft. Charleston Office Campus

By Eliza Theiss, Associate Editor

Aerospace giant Boeing Co. is making its mark on the city of Charleston. According to a story by the Columbia Regional Business Report, the Chicago, Ill.-headquartered company has announced it will be purchasing the SCRA Applied Research Center in the northern part of the city.

Although no purchase price has yet been announced, such will reportedly reflect its market value. That will definitely make it one of the biggest purchases of 2012 in Charleston, as the complex was appraised for $25 million in 2010.

The 178,000-square-foot office complex is located at 5300 International Blvd., adjacent to Charleston International Airport as well as Boeing’s North Charleston 787 Dreamliner fabrication and assembly facility. The aerospace company reportedly has no specific plans for the building at the moment, but considering its steady growth in South Carolina, it will be expanding its current operations.

The SCRA Applied Research Center is a 20-acre, three-building business and research campus. It currently houses offices for various entities such as the Charleston Regional development Alliance, the Lowcountry Graduate Center, SCRA and even Boeing. While SCRA owns the buildings themselves, the 20-acre tract the campus sits on is the property of the Charleston County Aviation Authority.

After Boing finalizes its purchase deal for the building on December 13, SCRA will reportedly stay on as property manager throughout 2014 and will keep its offices until all other tenants have successfully relocated. Boeing will also continue to lease the land from the Charleston County Aviation Authority.

South Carolina-based SCRA is a non-stock, tax-exempt applied research corporation. Formed in 1983, SCRA was started by the South Carolina Legislature under a public charter to help develop technology-based industries in the state, with a founding grant of $500,000 and 1,400 acres of undeveloped land. The corporation has been self-sufficient ever since.

Photo courtesy of SCRA

Chart courtesy of Colliers International

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