EOP is New Owner of World Trade Center East

SEATTLE-Equity Office Properties Trust is the new owner of World Trade Center East, a waterfront office building in downtown Seattle. The Chicago-based office REIT announced its intent to purchase 100% of the World Trade Center East development in August 1998.

World Trade Center East is a six-story, approximately 187,000-sf building that was purchased from WRC Trade Center LLC (Wright-Runstad & Co.) for approximately $38.7 million, including a paydown of approximately $31.3 million in debt, $6.9 million in EOP Operating Partnership Units at $30.37 per unit and approximately $500,000 in closing adjustments.

The building is part of a three-building office complex that is being developed. Equity has declined its option to purchase WTC-North. WTC-West is owned by the Port of Seattle.The WTC-East acquisition brings Equity Office’s Seattle-area portfolio to over 7.5 million sf in 21 buildings. Microsoft is the building’s sole tenant.