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Equity Office Seen in Disposition of Assets to Pear Down Debt

CHICAGO-The nation's largest office REIT tells analysts that its acquisition tear is over for the moment. Emphasis is on debt reduction following Cornerstone REIT and Beacon REIT acquisitions. Company seen disposing of assets in markets like Orlando, Phoenix and Indianapolis.

By Ted Jackson | Updated on September 14, 2000

CHICAGO- Equity Office Properties Trust, the nation’s largest office REIT, will concentrate on paying down debt and building value in its portfolio following a period of expansion through acquisition, say analysts who attended Equity Office’s Investor Forum in Boston yesterday.

“They will be concentrating on cutting the debt and in building a dynamic organization from the acquisitions,’ says Fred Carr, principal at the Penobscot Group, which provides real estate research services to institutional investors. “The company will likely sell assets in smaller markets where Equity Office’s presence is marginal.”

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