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Friday, 26 October 2018

Equity Commonwealth Looking to Sell 4 Properties as Part of Ongoing Disposition Program

Equity Commonwealth is marketing for sale four properties with 2.9 million square feet in Connecticut, Pennsylvania, Texas and Washington, continuing a disposition program that it began three years ago. It carries the buildings on its balance sheet at a combined value of nearly $475 million. So far this year, the company has sold $1 billion of real estate.

Commercial Real Estate Direct Staff Report

Equity Commonwealth is marketing for sale four properties with 2.9 million square feet in Connecticut, Pennsylvania, Texas and Washington, continuing a disposition program that it began three years ago.

Since 2015, the Chicago REIT has generated $6.1 billion through the sale of 145 properties with 37.5 million sf. It embarked on the portfolio repositioning shortly after Sam Zell took the reins of the company, which formerly was known as CommonWealth REIT. The repositioning effort has involved selling properties the company has viewed as having reached maximum value, smaller properties, non-office properties and those outside of the United States. This year, it has sold six properties with 4.1 million sf for about $1 billion.

The REIT now owns 11 office and industrial properties with 5.4 million sf in Austin, Texas, Boston, Denver, Philadelphia, the Seattle suburb of Bellevue, Wash., the Hartford, Conn., suburb of East Windsor, Conn., and Washington, D.C. But it is looking to sell four of those properties, which it carried on its balance sheet at a value of $474.4 million at the end of last year. The properties are:

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