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Trizec Readies Another 1M SF for Market

CHICAGO-The 813,000-sf Northstar Center in Minneapolis and 261,000-sf Watergate office building in Washington, DC are likely to be among the next assets sold by Trizec Properties, Inc. A sale of Northstar Center would trim the REIT's markets to nine, from 19 in 2003.

By Mark Ruda | Updated on August 04, 2005

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

CHICAGO-Having exited nine of 19 office markets since 2003, Trizec Properties Inc. is poised to scratch one more city off its list, and shed a somewhat historic core-market property from its portfolio. Having sold the one-million-sf Metropolitan Square for $165.8 million in late July to exit the St. Louis market, the REIT is talking to potential buyers for the 813,000-sf Northstar Center in Minneapolis and 261,000-sf Watergate office building in Washington, DC.

“We believe with the benefit of a very strong investment market, we’ll achieve very favorable pricing on these non-core assets,” said president and chief executive officer Tim Callahan during his company’s earnings conference call Thursday. However, while vacancy is just 2.3% at Watergate, Northstar Center is just 64.7% occupied. Callahan suggested the REIT may attempt to fill vacancy at Northstar Center before pulling the trigger on a sale.

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