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Equity Office Sells Buildings in California

September 28, 2004|From Bloomberg News

Equity Office Properties Trust, the largest owner of U.S. office buildings, said Monday that it had sold 29 industrial buildings -- all of them in California -- to Deutsche Bank's RREEF unit for about $210.3 million in cash and real estate.

The purchase price includes $73.3 million in cash and the transfer of five office buildings in suburban Chicago and in Orange County to Equity Office. The deal for the five office properties, located in two complexes, totaled $137 million, Chicago-based Equity Office said. The transaction was completed last week and announced Monday.

The sale gives Equity Office a group of properties totaling 677,057 square feet of office space in two of its major markets while allowing the company to dispose of assets it doesn't consider core to its focus on office buildings, Chief Executive Richard Kincaid said.

The transaction marks Equity Office's second sale of industrial properties to Deutsche Bank's real estate investment manager this year.

All but one of the 29 industrial properties, which total 2.6 million square feet, are in Northern California. The last is in Bakersfield. After the transaction, Equity Office had eight industrial properties totaling 890,453 square feet remaining in its portfolio. Equity Office plans to sell all its industrial properties, spokeswoman Terry Holt said.

The announcement was made after regular trading on the New York Stock Exchange. Equity Office shares rose 20 cents to $27.45. They have dropped 4.2% this year.

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