Chicago-based Equity Commonwealth is under contract to sell 1735 Market Street, a 1.3-million-square-foot-office property, in Philadelphia, PA, for a gross sale price of $451.6 million. Proceeds after credits for capital costs, contractual lease costs, and rent abatements are expected to be approximately $435.6 million.
Pursuant to the sale agreement, including the buyer’s extension right, the closing is expected to occur on or before March 27, 2019, unless another date is mutually agreed by the parties. This transaction is subject to various customary closing conditions, and there is no certainty that this transaction will close.
During the quarter ended December 31, 2018, the company sold 97 Newberry, a 289,000-square-foot industrial property, in East Windsor, Connecticut, for a gross sale price of $7.1 million.
Equity Commonwealth is a Chicago based, internally managed and self-advised real estate investment trust with commercial office properties throughout the United States. As of December 31, 2018, EQC’s portfolio comprised 10 properties and 5.1 million square feet.