CHICAGO--(BUSINESS WIRE)--Equity Commonwealth (NYSE: EQC) announced today that the company closed on the sale of two properties totaling 2.4 million square feet for $670 million.
On February 21, 2018, the company closed on the sale of its 99.2% leased, 1,571,000 square foot property at 600 West Chicago Avenue in Chicago, Illinois, for a gross sale price of $510 million. Proceeds after credits for capital, contractual lease costs, and rent abatement were approximately $488 million.
On February 14, 2018, the company closed on the sale of its 84.7% leased, 826,000 square foot property at 1600 Market Street in Philadelphia, Pennsylvania, for a gross sale price of $160 million. Proceeds after credits for capital, contractual lease costs, and rent abatements were approximately $157 million.
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. As of February 21, 2018, EQC’s portfolio comprised 15 properties and 7.1 million square feet.
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