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Equity Commonwealth Receives $132.5M for Denver Office Tower
After Equity Commonwealth closes on the sale of 17th Street Plaza, the company will exit the real estate business. The Denver Business Journal says the longtime commercial REIT plans to “wind down operations” and liquidate assets, given challenging market conditions for selling office. Shareholders will receive somewhere between $20.00 to $21.00 per common share as part of the liquidation process.
The highrise, which is home to several large companies, is expected to trade hands in a $132.5 million sale. The net take on the sale will be about $10 million less. The buyer’s name has not been disclosed.
17th Street Plaza currently houses the global advisory firm KPMG, the tech company Salesforce and the real estate firms CBRE and JLL.
Salesforce occupies nearly 44,000 square feet of office space, and CBRE occupies about 40,900 square feet. Both Salesforce and CBRE renewed their leases in the fourth quarter.
- ◦Sale/Acquisition
