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Equity Office Rounds $2B in '05 Sales, Heads for $3B

CHICAGO-The sale of 99 assets totaling 11.1 million sf puts the largest US office REIT past the low end of its 2005 target, and officials think they may exceed the top end.

By Mark Ruda | Updated on August 02, 2005

(To read more on the debt and equity markets, click here.)

CHICAGO-Two billion down, another one billion to go. Equity Office Properties Trust has hit the lower end of its 2005 property sales goal, shedding 99 assets for $2.1 billion, but could exceed the $3-billion top end of its target.

“We have a strong pipeline in the market,” said president and chief executive officer Richard D. Kincard during his company’s second-quarter earnings conference call. So far, the largest US office REIT has exited the Cleveland and Philadelphia markets, as well as the New Orleans Central Business District, he reported.

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