Equity Commonwealth to Sell Hoboken Office Asset for Tidy Sum
By
Sam Zell, Equity Commonwealth
New York—Talk about a profit. Equity Commonwealth will soon sell 111 River St. in Hoboken, N.J., for nearly $100 million more than it paid for the office tower in 2009. The office REIT recently agreed to trade the 565,000-square-foot property for $235 million in a transaction with Mack-Cali Realty Corp.
The deal is part of a larger plan. Early last year, Equity Commonwealth announced that it would sell roughly $3 billion of real estate in an effort to rationalize its portfolio, improve operations and maximize shareholder value. The REIT has since actively pursued its strategy, completing a whopping $2 billion in dispositions in 2015. And Equity Commonwealth hasn’t exactly been taking a loss on its sales transactions…
Equity Commonwealth to Sell Hoboken Office Asset for Tidy Sum
