Equity Office Properties Trust (EOP) sold their portfolio of suburban Philadelphia office properties for $159 million. The 12 properties encompass 712,059 sq. ft. of office space. The buyers consisted of a joint venture between Thomas Properties Group and theState Teachers' Retirement System (CalSTRS), plus Keystone Property Group.
The Thomas/CalSTRS joint venture purchased three properties totaling 569,566 sq. ft. The portfolio occupancy of the purchase ranges from 76% to 89%, according to Jones Lang LaSalle, which represented EOP on the sale. Keystone Property Group, meanwhile, bought a 142,493-sq. ft.complex and Marriott Residence Inn.
“We received more than a dozen qualified bids for the Equity Office portfolio with several expressing interest in the entire suburban Philadelphia portfolio,” said Noble Carpenter, Managing Director for Jones Lang LaSalle. “Our intimate knowledge of Equity Office’s entire Philadelphia portfolio allowed us to market the properties strategically and achieve the highest possible bid for our client.”