The value of Commerce Plaza, which is 86% leased, was set at $99 million, or $194 per sf. Meanwhile, the two-building Redstone Plaza was 74.4% leased, and traded at $228 per sf.

Besides giving Equity Office Properties a five-million-sf portfolio in suburban Chicago, the acquisition gives the REIT four assets totaling 1.8 million sf in Oak Brook. When the five-building Westbrook Corporate Center in neighboring Westchester is added in, Equity Office Properties now has 2.9 million sf in the eastern end of the East-West Corridor.

Except for a single 130,600-sf building in Bakersfield, CA, the industrial portfolio involved in the most recent sale is in Northern California, split between the Oakland area (15 buildings totaling 1.4 million sf) and San Jose (13 buildings totaling one million sf). The deal, which follows the disposition of 2.2 million sf in June for $197 million, leaves Equity Office Properties with eight industrial properties totaling 890,453 sf.

"We were able to use the strengths of our company to complete a complicated sale of non-strategic assets, while acquiring office buildings in two of our target markets," says chief executive officer Richard Kincaid. "Rreef was instrumental in working with us to complete this win-win opportunity."