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Stake in 76-Story Columbia Center on the Market

SEATTLE-The New York State Common Retirement Fund has put its 49.9% stake in the 1.5-million-sf building up for sale, according to local brokers. Equity Office Properties Trust owns the remainder.

By Brian K. Miller | Updated on October 16, 2006

SEATTLE-The New York State Common Retirement Fund’s 49.9% stake in the 76-story Columbia Center here is on the market, according to local brokers. The remainder of Seattle’s tallest building is owned by Equity Office Properties Trust of Chicago, which may or may not sell its majority stake in the well-leased asset.

A spokesperson for the Common Retirement Fund tells GlobeSt.com “it is a transaction that has not yet closed, so there’s nothing I can confirm for you at this time.” EOP declined comment.

Two months ago, EOP said it would sell as much as $3.5 billion in assets over next 12 months. In addition to liquidating its Atlanta portfolio, the company said it intends to reduce holdings in Denver, Northern California, and Chicago, and may sell select buildings in other core markets. EOP owns 3.87 million sf in 10 office buildings in the Seattle CBD. Region wide, it owns 8.43 million sf in 50 buildings.

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