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Equity Office Increases It's Big Apple Hold

NEW YORK CITY-The Chicago-based REIT is expanding its hold on the NYC market with the $715-million purchase of 1301 Sixth Ave.

By John Salustri | Updated on August 01, 2000

No one at Equity Office Properties is saying anything on the record, but sources tell GlobeSt.com that the mega-REIT beat out Boston Properties and others in the purchase of 1301 Avenue of the Americas here. Reports put the purchase price for the 45-story skyscraper at $715 million. The selling group includes Credit Lyonnais.

Equity currently owns and manages some 95.5 million sf of space in roughly 380 properties nationwide. An increasing number of these assets are in Manhattan, a push that was forwarded in part when the REIT merged with Cornerstone Properties earlier this year in a $4.6-billion deal.

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