Published: 10 July 2005
The biggest listed real estate investment trust in the US, Equity Office Properties, worked the reshaping of its portfolio hard in the2nd quarter, buying 80% of one new York building plus 15 others for a total $US791.7 million.
The reit has a goal of selling $US2-3 billion of properties this year, redeploying the returns in 17 targeted growth markets which meet its criteria for location, market characteristics & yields.
In the June quarter it bought 80% of 1095 Avenue of the Americas (96,000mÂ²) for $US505 million and 121,000mÂ² in the other 15 buildings for $US286.7 million.
9 of the acquisitions are in San Francisco’s North Bay submarket, where Equity Office expects to complete purchase of a 36-property portfolio by the end of the year.