{"id":1004208456,"date":"2018-02-27T05:04:08","date_gmt":"2018-02-27T13:04:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208456"},"modified":"2022-12-09T02:40:55","modified_gmt":"2022-12-09T10:40:55","slug":"two-equity-commonwealth-office-assets-fetch-670m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-equity-commonwealth-office-assets-fetch-670m\/","title":{"rendered":"Two Equity Commonwealth Office Assets Fetch $670M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"1600<\/a>

1600 Market St. in Philadelphia<\/p><\/div>\n

In two separate deals this month, Equity Commonwealth has sold office properties at 600 W. Chicago Ave. in Chicago, and 1600 Market St. in Philadelphia, for a combined $670 million.<\/p>\n

Groupon\u2019s headquarters<\/h2>\n

Sterling Bay acquired the 1.6 million-square-foot Chicago office tower<\/a>, once the Montgomery Ward catalog warehouse and currently home to Groupon\u2019s headquarters, for $510 million.<\/p>\n

\u201cThis purchase marks an exciting milestone in our firm\u2019s growth and expansion,\u201d\u00a0<\/em>Andy Gloor, Sterling Bay\u2019s managing principal, said in a prepared statement.\u00a0<\/p>\n

The building is currently 94 percent leased, with a tenant roster that includes the Big Ten Network, Echo Global Logistics, Uptake Technologies, Jump Trading and Lightbank.<\/p>\n

The historic building was originally founded in 1872 and is considered a landmark among the North Branch of the Chicago River, thanks to its dramatic, curving, 600-foot-long, trapezoidal form. The property is classified as a National Historic Landmark due to its significance in the history of American retailing and association with A. Montgomery Ward.<\/p>\n

Philly High-Rise Sold for $160M<\/h2>\n

The 1600 Market St. sale fetched $160 million from American Real Estate Partners for the 825,968-square-foot property. The 39-story dark glass office tower in Center City is currently 99.2 percent leased.<\/p>\n

It\u2019s located in Philadelphia\u2019s central business district and is close by Suburban Station. It offers onsite banking, a conference facility and on-site parking.<\/p>\n

HFF\u2019s Doug Rodio and Brett Segal represented the seller and procured the buyer in the latter transaction.<\/p>\n

Equity Commonwealth\u2019s portfolio now comprises 15 properties representing 7.1 million square feet.<\/p>\n

Sterling Bay broke ground on Fulton West in 2016 and it\u2019s one of the most anticipated developments in the city of Chicago. The 286,800-square-foot office development located at 1330 W. Fulton St. in Chicago\u2019s West Loop, features nine stories, with approximately 20,000 square feet of retail space on the first level.\u00a0<\/p>\n

Image courtesy of Equity Commonwealth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In separate deals, the company has closed on the disposition of both 600 W. 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