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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.