Tag Archives: commonwealth

Equity Commonwealth Closes on $328M Sale of Centre Square East & & West Towers

Equity Commonwealth (NYSE: EQC), a Chicago-based, self-managed public REIT, has actually closed on its previously announced sale of the Centre Square East and West Towers at 1500 Market St. in Philadelphia, PA.

. Nightingale Properties LLC, a New York-based landlord, has picked up the workplace residential or commercial properties for a gross list prices of $328 million, or about $186 per square foot. CBRE Capital Markets reports that at 1.76 million square feet, it is the biggest single-asset workplace deal by square video footage in the city’s history.

The seller had gotten the home in October 2002 for $183.5 million ($104/ SF) from Metropolitan Life Insurance CC, Inc., inning accordance with CoStar information.

See CoStar COMPS # 698800.

The 43-story West Tower totals 957,804 square feet on 1.5 acres in the Market Street West submarket while the nearby East Tower amounts to 801,389 square feet over 36 floorings. Found adjacent to Dilworth Park and City Hall, the twin towers were 91 percent rented at the time of sale to numerous tenants including the University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and home loan insurance provider Radian.

Centre Square was developed by designer Vincent G. Kling & & Partners in 1974 and was remodelled in 1991. A renowned part of Philadelphia’s skyline and its CBD, the complex includes covered parking with 450 stalls, a 45-foot Clothespin art sculpture in its expansive front plaza, a 41,000-square-foot retail component with a number of shops and restaurants, 12-foot slab heights in the workplace, 35 guest elevators, on-site conferencing facilities and banking, a glass-domed atrium, access to public transit, on-site management, and LEED registration, Energy Star label and BOMA 360 classification.

Nightingale Characteristic prepares to do a substantial renovation at Centre Square. Founded in 2005, the firm manages a portfolio totaling 11 million square feet of industrial area spanning 22 states, consisting of a number of properties in Philadelphia like 1635 Market St., 1500 Spring Garden St. and 1835 Market St.

The purchaser has actually maintained CBRE’s office leasing group led by Christian Dyer and Nick Gersbach to continue renting efforts at the property, as they have provided for the previous 15 years.

“Centre Square is a major part of Philadelphia’s material and brought in financier interest and capital dedications from around the globe,” said Robert Fahey, executive vice president with CBRE Capital Markets in Philadelphia. “It is the best-located set of office towers in the Philadelphia CBD. We are honored to have actually been chosen to represent Equity Commonwealth in the sale of this landmark property.”

Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ institutional properties group represented the seller in marketing and sales negotiations. The buyer managed the deal in-house.

Please see CoStar COMPS # 3962312 for extra info on this deal.

Equity Commonwealth Verifies Written agreement to Sell Illinois Center Bldgs. for $376 Million

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.

Kim Kardashian to speak to prestigious Commonwealth Club


Erik Kabik/ErikKabik. com Kim Kardashian hosts at Rehabilitation in the Hard Rock Hotel on Sunday

, June 3, 2012. Associated Press Wednesday, June 24, 2015|5 p.m. L.A– Kim Kardashian is joining a respected list that consists of Teddy Roosevelt, Martin Luther King Jr., Dwight D. Eisenhower, Expense Clinton and Expense Gates. The 33-year-old fact star is set to talk with the Commonwealth Club next week to discuss her brand-new book of selfies and her famous household, in addition to “the business of millennial culture,(and) the objectification of females in media.”A spokesperson for Kardashian explains the event as a book signing. Tickets for her June 30 appearance range from$40 for basic admission to $300 for the VIP Party Plan. According to the Commonwealth Club’s web site, Kardashian’s appearance is sponsored by Glu Mobile Inc., the San Francisco-based computer game business that made her megahit mobile video game, “Kim Kardashian: Hollywood.”

A spokesperson for the Commonwealth Club said Wednesday that the event was initially set to be held at the Paramount Theatre in Oakland, California, but it will probably be transferred to San Francisco’s Castro Theatre. Founded in 1903, the Commonwealth Club costs itself as the nation’s oldest and largest public affairs online forum, devoted to objective conversation of public problems.

Equity Commonwealth Sells 2 Portfolios For $793M.

Hertz Financial investment Group Receives Six Southeast Workplace Characteristic, Including 1.25-Million-SF New Orleans Tower

Continuing its partial liquidation method ahead of schedule, the new business produced from the former Commonwealth REIT has actually offered two portfolios totaling 51 buildings and 8.3 million square feet in 18 states for a combined sales price of $793 million, consisting of the $417.5 million sale of six workplace structures in four Southeast markets to Santa Monica, CA-based Hertz Investment Group.

The 2 geographically varied profiles make up the bulk of the % 817 million in sales this year by Chicago-based Equity Commonwealth (NYSE: EQC). A team led by Sam Zell took over Commonwealth REIT after management was ousted in a board revolt in 2013.

Equity Commonwealth offered a 45-property portfolio of small office and industrial possessions totaling 5.3 million square feet across 19 markets in 13 states to a fund managed by Dallas-based private equity financier John Grayken for $376 million. The portfolio was 77.5 % rented since completion of the very first quarter.

The portfolio was 77.5 % leased since completion of the first quarter (Please see CoStar COMPs # 3310525 for more details on the deal).

The 6 office buildings totaling more than 3 million square feet sold to Hertz Financial investment includes the highest building in Louisiana, the 51-story, 1.26-million-square-foot One Shell Square at 701 Poydras St. in the New Orleans CBD (Please see CoStar COMPs # 3314730 for more details on the transaction).

The business offered a 45-property portfolio of little workplace and commercial assets totaling 5.3 million square feet across 19 markets in 13 states, for a gross list prices of $376 million. As of March 31, 2015, the little office and industrial portfolio was 77.5 % leased. Earnings from the six-property portfolio sale, subtracting home mortgage financial obligation payments and lease credits, totaled $320 million.

Year-to-date, Equity Commonwealth has actually offered $817 million of assets, incorporating 56 buildings and 9 million square feet. The company currently has 3 workplace apartments under written agreement for about $35 million totaling 270,000 square feet. Equity has 32 properties making up 10 million square feet in different phases of marketing.

The purchase by independently held Hertz offers the business’s entry into three brand-new markets: Birmingham, AL, Columbia, SC and Greensboro, NC.

One Shell Square is 93.5 % rented, with major tenants including Shell Oil, Adams and Reese, LLP, and Liskow & & Lewis. The possessions acquired by Hertz also consist of the following:

Wells Fargo Tower, 30 stories, 514,893 square feet, Birmingham CBD

Inverness Central, a four-building complex with 475,895 square feet, suburban Birmingham

Meridian, 17 stories, 334,075 square feet, Columbia

300 N. Greene Street, 21 stories, 324,075 square feet, Greensboro

20th Location South, four stories, 125,722 square feet, suburban Birmingham.

The 45 smaller workplace and industrial apartments are spread out throughout markets in Colorado, Connecticut, Florida, Illinois, Kansas, Massachusetts, Maryland, Minnesota, New Jersey, Missouri, Ohio, Pennsylvania and Virginia.