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EOP Selling $2B in Assets, Exiting Atlanta

CHICAGO-Equity Office Properties Trust is looking to sell $2 billion to $2.5 billion in properties during the next six to 12 months.

By Dana Dubriwny | Updated on August 01, 2006

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

CHICAGO-Locally based Equity Office Properties Trust is looking to sell $2 billion to $2.5 billion in properties during the next six to 12 months. According to Richard D. Kincaid, Equity president and CEO, dispositions under consideration include certain assets in Chicago, Denver and Northern California. The sale will also include properties in Atlanta–a market the company is planning to exit.

“Based on our overall strategy, there just better places to invest our capital,” Kincaid said during the company’s second-quarter earnings call Tuesday. Kincaid says the company plans to hire a third-party manager to help with the Atlanta disposition, and EOP will be completely out of Atlanta by early 2007. The proceeds of the sale will go toward paying off debt.

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