Equity Commonwealth Agrees to Sell 1225 Seventeenth Street Plaza
Equity Commonwealth (NYSE: EQC) has announced an agreement to sell its final remaining property, 1225 Seventeenth Street, a 709,402 square foot office property in Denver, Colorado. The gross sale price is $132.5 million, with an expected net purchase price of $124.4 million after credits for contractual lease costs.
The buyer has completed due diligence with a non-refundable earnest money deposit. The sale is scheduled to close in late February 2025, subject to customary closing conditions. EQC reaffirms its estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share, which includes the initial liquidating distribution of $19.00 per common share paid on December 6, 2024.
Equity Commonwealth (NYSE: EQC) ha annunciato un accordo per vendere la sua ultima proprietà rimanente, 1225 Seventeenth Street, un edificio per uffici di 709.402 piedi quadrati a Denver, Colorado. Il prezzo di vendita lordo è di 132,5 milioni di dollari, con un prezzo di acquisto netto previsto di 124,4 milioni di dollari dopo i crediti per i costi di locazione contrattuali.
L'acquirente ha completato la due diligence con un deposito di denaro serio non rimborsabile. La vendita è programmata per essere conclusa alla fine di febbraio 2025, soggetta alle condizioni di chiusura abituali. EQC riafferma il suo range stimato di distribuzione liquida aggregata agli azionisti di 20,00 a 21,00 dollari per azione comune, che include la distribuzione liquida iniziale di 19,00 dollari per azione comune pagata il 6 dicembre 2024.
Equity Commonwealth (NYSE: EQC) ha anunciado un acuerdo para vender su última propiedad restante, 1225 Seventeenth Street, una propiedad de oficinas de 709,402 pies cuadrados en Denver, Colorado. El precio de venta bruto es de 132.5 millones de dólares, con un precio de compra neto esperado de 124.4 millones de dólares después de los créditos por costos de arrendamiento contractual.
El comprador ha completado la debida diligencia con un depósito de dinero en garantía no reembolsable. La venta está programada para cerrarse a finales de febrero de 2025, sujeta a las condiciones de cierre habituales. EQC reafirma su rango estimado de distribución líquida agregada a los accionistas de 20.00 a 21.00 dólares por acción común, que incluye la distribución líquida inicial de 19.00 dólares por acción común pagada el 6 de diciembre de 2024.
Equity Commonwealth (NYSE: EQC)는 콜로라도 주 덴버에 위치한 709,402 평방피트의 사무실 부동산인 1225 Seventeenth Street의 마지막 남은 자산을 판매하기 위한 계약을 발표했습니다. 총 판매가는 1억 3250만 달러이며, 계약 임대 비용의 크레딧을 반영한 예상 순 구매 가격은 1억 2440만 달러입니다.
구매자는 환불 불가능한 earnest money deposit(계약 보증금)으로 실사를 완료했습니다. 판매는 2025년 2월 말에 완료될 예정이며, 일반적인 마감 조건에 따라 진행됩니다. EQC는 보통주당 20.00~21.00 달러의 예상 총 주주 청산 분배 범위를 재확인하며, 여기에는 2024년 12월 6일에 지급된 보통주당 19.00 달러의 초기 청산 분배가 포함됩니다.
Equity Commonwealth (NYSE: EQC) a annoncé un accord pour vendre son ultime propriété restante, 1225 Seventeenth Street, un bâtiment de bureaux de 709 402 pieds carrés à Denver, Colorado. Le prix de vente brut est de 132,5 millions de dollars, avec un prix d'achat net attendu de 124,4 millions de dollars après crédits pour les frais de location contractuels.
L'acheteur a complété la diligence raisonnable avec un dépôt de garantie non remboursable. La vente est prévue pour être finalisée à la fin février 2025, sous réserve des conditions de clôture habituelles. EQC réaffirme son estimation de la distribution liquidative agrégée pour les actionnaires dans une fourchette de 20,00 à 21,00 dollars par action ordinaire, qui inclut la distribution liquidative initiale de 19,00 dollars par action ordinaire payée le 6 décembre 2024.
Equity Commonwealth (NYSE: EQC) hat eine Vereinbarung zum Verkauf seiner letzten verbleibenden Immobilie, 1225 Seventeenth Street, einer Büroimmobilie mit 709.402 Quadratfuß in Denver, Colorado, bekannt gegeben. Der Bruttoverkaufspreis beträgt 132,5 Millionen Dollar, mit einem erwarteten Nettoverkaufspreis von 124,4 Millionen Dollar nach Abzügen für vertragliche Mietkosten.
Der Käufer hat die Due Diligence mit einer nicht erstattungsfähigen Anzahlung zur Sicherstellung abgeschlossen. Der Verkauf soll Ende Februar 2025 abgeschlossen werden, vorbehaltlich der üblichen Abschlussbedingungen. EQC bestätigt seine geschätzte aggregierte liquidationsbezogene Verteilungsspanne von 20,00 bis 21,00 Dollar pro Stammaktie, die die initiale liquidationsbezogene Verteilung von 19,00 Dollar pro Stammaktie umfasst, die am 6. Dezember 2024 gezahlt wurde.
- Sale of final property for $132.5 million gross ($124.4 million net)
- Buyer has completed due diligence with non-refundable deposit
- Confirmed shareholder liquidating distribution of $20.00-$21.00 per share
- Complete exit from real estate operations
Insights
The sale of 1225 Seventeenth Street Plaza represents the final chapter in Equity Commonwealth's strategic liquidation process, marking a decisive moment for shareholders. The
The transaction's structure, with a non-refundable earnest money deposit and completed due diligence, indicates a high probability of closing. This level of commitment from the buyer is particularly noteworthy in the current market environment where office property transactions have been notably constrained by market uncertainty and rising interest rates.
For shareholders, the maintained distribution guidance of
The timing of the sale, scheduled for late February 2025, demonstrates careful execution of the liquidation process, allowing for proper market exposure while maintaining momentum toward complete dissolution. The net purchase price adjustment of approximately
The Company reaffirms the estimated aggregate shareholder liquidating distribution range of
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is a
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We use any of the following to comply with our disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. We routinely post important information on our website at www.eqcre.com, including information that may be deemed to be material. We encourage investors and others interested in the company to monitor these distribution channels for material disclosures.
Forward-Looking Statements
This press release may contain forward-looking statements and information within the meaning of the federal securities laws. These statements, including statements relating to the expected tax treatment of distributions, are based on current expectations, estimates, projections and assumptions made by management. While Equity Commonwealth management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the SEC and available on our website, www.eqcre.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Commonwealth assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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Investor Contact
Bill Griffiths, (312) 646-2801
Source: Equity Commonwealth
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