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Equity Office Sells $95 Million of Assets

ALEXANDRIA, VA-The Chicago REIT unloaded four office properties here described as non-strategic assets. An apartment building in Connecticut was also sold.

By Marlon Millner | Updated on September 07, 2001

ALEXANDRIA, VA-Equity Office Properties Trust sold four office properties in this Northern Virginia submarket, along with an apartment community in Stamford, CT. Total value of the sale was about $95 million. In a statement, EOP CEO and President Tim Callahan said, “In keeping with our long-term investment strategy, we will continue to cull our portfolio of non-strategic assets, and [reallocate] capital to our primary markets.”

All of these commercial office properties were in the Old Town area. Eleven Canal Center, 99 Canal Center and TransPotomac Plaza 5 were all sold to affiliates of Beacon Capital Strategic Partners Acquisition LLC. EOP had acquired the properties in June 2000 when it merged with Cornerstone Properties. A fourth area office building, 1600 Duke Street, which EOP acquired in November 1997, was sold to the National Association of Convenience Stores. EOP spokeswoman Terry Holt told GlobeSt.com that with these deals, the company has exited the Alexandria sub market.

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