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Equity Commonwealth Sells $416M Office Portfolio

CHICAGO—The big sale shows again how attractive urban cores, even ones outside the top metros, have become to national investors.

chase-tower-indianapolis2 Salesforce Tower in Indianapolis, the city’s tallest, in which the tech giant has leased more than 200K of space.

CHICAGO—Equity Commonwealth has just completed the sale of a four-property Midwest office portfolio totaling 3.1 million square feet to Hertz Investment Group for $416.9 million. The assets sold, all located in their respective downtowns, include 111 Monument Circle and 101-115 W. Washington St. in Indianapolis; North Point Office Complex in Cleveland; and 100 E. Wisconsin, a 37-story tower in Milwaukee. As of June 30, 2016, the portfolio was 86.5% leased.

Santa Monica, CA-based Hertz acquires and manages commercial properties throughout the US, but this sale illustrates the growing attractiveness of downtown markets, especially ones outside the nation’s top metro areas.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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