trending Market Intelligence /marketintelligence/en/news-insights/trending/rmltenrau_hyjvzougj5bw2 content esgSubNav
In This List

Equity Commonwealth wraps up $670M sales of 2 properties

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Equity Commonwealth wraps up $670M sales of 2 properties

Office real estate investment trust Equity Commonwealth completed the sales of its respective properties at 600 W. Chicago Ave. in Chicago and 1600 Market St. in Philadelphia for a total of $670 million.

The sale of the 99.2%-leased, 1,571,000-square-foot Chicago property closed Feb. 21 for a gross sale price of $510 million, with Equity Commonwealth receiving roughly $488 million in net proceeds. The buyers were real estate developer and investor Sterling Bay and institutional investors advised by J.P. Morgan Asset Management.

The sale of the 84.7%-leased, 826,000-square-foot Philadelphia property closed Feb. 14, for a gross sale price of $160 million, with Equity Commonwealth receiving net proceeds of about $157 million. A recent report identified real estate investment manager American Real Estate Partners as the buyer.