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Equity Commonwealth Divests Two Assets Totaling 2.4M-SF for $670M
Equity Commonwealth is under contract to sell two commercial real estate properties totaling 2.4 million square feet for $670 million. The deals are scheduled to close by March 23, 2018.
The REIT is selling the 98.4% leased, 1.6-million-square-foot property at 600 West Chicago Ave. in Chicago (pictured) for $510 million reportedly to Sterling Bay and JP Morgan Asset Management. It also is selling the 84% leased, 826,000-square-foot property at 1600 Market St. in Philadelphia, PA for $160 million to an undisclosed buyer.
The company also divested $106.9 million of assets including:
– A two-property, 15-building, 1.2-million-square-foot, 75.6% leased, office portfolio in Moon Township and Pittsburgh, PA for $71 million
– 789 East Eisenhower Parkway, a 131,000-square-foot office property in Ann Arbor, MI for $24.9 million
– Stiles Lane, a 175,000-square-foot industrial property in North Haven, CT for $10.5 million
– A land parcel in Aurora, IL and mineral rights in Ft. Worth, TX for $0.5 million
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
