CHICAGO--(BUSINESS WIRE)--Equity Commonwealth (NYSE: EQC) today announced that it completed the sale of a four-property office portfolio totaling 3.1 million square feet for a gross sale price of $416.9 million. Proceeds from the sale were $376.2 million net of credits for rent abatements and contractual lease costs.
The assets sold include 111 Monument Circle and 101-115 West Washington Street in Indianapolis, Indiana; North Point Office Complex in Cleveland, Ohio; and 100 East Wisconsin in Milwaukee, Wisconsin. As of June 30, 2016, the sold portfolio was 86.5% leased.
Earlier in the month, the company also completed the sale of a 121,901 square foot office property, 8701 North Mopac in Austin, Texas, for a gross sale price of $21.5 million. As of June 30, 2016, the property was 79.1% leased.
Year-to-date, the company has sold $1.1 billion of assets, inclusive of 27 properties and 7.2 million square feet.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties throughout the United States. EQC’s portfolio is comprised of 38 properties and 16.9 million square feet.