Esperante Office Building sold for $60.8 million. Trizec Properties has been hired by the new owner to manage the 14-year-old, 248,000-sf asset, which was 90.1% occupied, according to the REIT's most recent quarterly report. The REIT owed $23.3 million on the property, with the loan at 6.52% scheduled to mature in March 2005.
In-Rel Management Inc. paid $40.1 million for the 33-story Clark Tower, which is more than twice the size of Trizec Properties' former West Palm Beach asset at 650,000 sf. Vacancy, however, was most recently pegged at 20.2%.
"These sales bring us another step closer to repositioning our portfolio to focus on our core markets," says COO Casey Wold. "We will continue to dispose of assets that are not part of our core portfolio and take advantage of attractive pricing as opportunities arise."
That puts "for sale" signs on at least seven buildings totaling more than three million sf in Baltimore; Columbia, SC; Columbus, OH; Sacramento, CA; and Tulsa, OK.
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