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Mid-West Exit Nearly Complete for Glenborough

SAN MATEO, CA-The locally headquartered multi-tenant office REIT has four property sales pending that will complete an effort to concentrate its portfolio on the East and West coasts.

By Brian K. Miller | Updated on January 08, 2006

SAN MATEO, CA-Glenborough Realty Trust has the last of its Midwest assets under contract. The pending sales are part of the locally headquartered multi-tenant office REIT’s plans to concentrate its portfolio on the East and West coasts.

The company has four property sales pending that will total $57 million and result in a $7.3-million gain in the first quarter 2006. The properties total 765,782 sf and are located in Memphis, Des Moines, Indianapolis and Florham Park, NJ. The company also is in the process of recapitalizing and reducing its interest in one of its land and development joint ventures.

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