UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million.
In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million.
The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased.
In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant.
The buyers in all three sales were not disclosed.
Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million.
The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months.
Equity Commonwealth’s stock price closed at $26.29 on Monday, Sept. 14, virtually unchanged from $26.32 a year ago.