Equity Commonwealth (NYSE:EQC), the Chicago-based REIT headed by Sam Zell, confirmed reports that it is under contract to sell its 2 Illinois Center structures in Chicago’s East Loop at 111 East Wacker Dr. and 233 North Michigan Ave. for a gross list price of $376 million, or roughly $185 per square foot.
The buyer of the two inter-connected, 32-story towers is reported to be New York-based AmTrust Real estate Corp. The two-building equipment totals 2.1 million square feet of office and retail area that was 73.5 % leased at the end of the very first quarter. The equipment had actually been listed with Eastdil Secured.
Significant tenants consist of Bankers Life and Casualty Co., Combined Insurance Co. of America, Taft Stettinius & & Hollister, LLP, Clear Channel Communications, Young & & Rubicam and the U.S. Department of Health & & Human Services.
The sale is part of an approach by the REIT’s brand-new management under Zell and CEO David Helfand to sell off much of the REIT’s property profile generated under its previous management.
For AmTrust, the pending acquisition will certainly contribute to its growing Chicago presence. The private realty financial investment supervisor bought Kemper Insurance coverage’s 41-story headquarters at 1 E. Wacker Drive in July 2013, and in June 2014 bought the 43-story tower at 30 N. LaSalle St., before receiving the smaller 24-story 33 N. Dearborn St. previously this year. The REIT has two other Chicago office buildings, 33 W. Monroe St. and 135 S. LaSalle St.