Equity Commonwealth Continues To Sell Off Assets
Equity Commonwealth has been in sell mode the past three years and now sits on $2.1B in cash from disposing of assets in a strong market. And it does not look like Sam Zell, David Helfand and company are done selling off assets. Crain's Chicago Business reports that Equity Commonwealth is seeking a buyer for one of the O'Hare submarket's most visible office complexes.
Triangle Plaza, a 639K SF complex at 8750 and 8770 West Bryn Mawr Ave., fits with Equity Commonwealth's strategy of selling lower-quality office assets and amassing a huge chest of money to capitalize on dislocation in the market, including seeking opportunities outside of the office sector.
Triangle Plaza was 95% leased at the end of Q2, but is losing one of its highest-profile tenants later this year. Wilson Sporting Goods signed a 12-year lease at One Prudential Plaza last September, and the company will move into the building later this year. Wilson occupies 110K SF in Triangle Plaza's east tower. Another tenant, DePaul University, announced it is closing its 39K SF campus at Triangle Plaza's West tower next year. But Equity Commonwealth should find plenty of tenant demand. O'Hare is the strongest-performing suburban office submarket, and Triangle Plaza's location near the O'Hare Blue Line makes it an attractive option for workers who do not want to drive to work.