Equity Commonwealth, a Chicago-based real estate investment trust (REIT) formerly led by the late billionaire investor Sam Zell, has successfully sold 1250 H Street in Washington D.C. for $27.5 million. The property is a 196,000-square-foot office building located in the East End submarket.
This sale is part of Equity Commonwealth’s plan to wind down its operations and liquidate its remaining office assets after facing pressure from activist investors to return cash to shareholders. Along with 1250 H Street, the REIT also had properties at 17th Street Plaza in Denver and Bridgepoint Square and Capitol Tower in Austin, Texas.
The newly constructed conference center and fitness facility are among the notable features of this eleven-story building which also boasts a rooftop terrace and three-level underground parking garage.
As Equity Commonwealth continues with its asset sales strategy, proceeds from these transactions will be distributed accordingly.
