Equity Commonwealth sells two portfolios for $793m
In separate deals, Equity Commonwealth has sold 55 properties, totaling 8.5 million square feet, for a combined sales price of $793 million. The sales are part of Equity Commonwealth’s partial liquidation strategy. Year-to-date, Equity Commonwealth has sold $817 million of assets, encompassing 56 properties and 9 million square feet.
Equity Commonwealth sold a six-property portfolio to Hertz Investment Group with sales price of $417 million. The portfolio totals more than 3 million square feet and comprises class A office buildings in Birmingham, Ala.; Columbia, S.C.; Greensboro, N.C.; and New Orleans.
The portfolio includes the 1.3 million-square-foot One Shell Square in New Orleans, Louisiana’s tallest building, which sold for $129.8 million. The other assets are the 456,105-square-foot Inverness Center in Birmingham, the 514,893-square-foot Wells Fargo Tower in Birmingham, the 323,773-square-foot 300 N. Greene St. in Greensboro, the 333,516-squa