Equity Commonwealth is set to close the sale of 17th Street Plaza and exit the real estate industry. According to reports from the Denver Business Journal, this longtime commercial REIT plans to “wind down operations” and liquidate assets due to challenging market conditions for selling office spaces. As part of this process, shareholders can expect a payout between $20.00 and $21.00 per common share.
The high-rise building, which houses several major companies such as KPMG, Salesforce, CBRE, and JLL is expected to be sold for $132.5 million with a net profit of approximately $10 million less than that amount. The identity of the buyer has not been disclosed at this time.
Currently occupied by global advisory firm KPMG along with tech giant Salesforce and real estate firms CBRE and JLL; 17th Street Plaza boasts over 44,000 square feet leased by Salesforce while CBRE occupies around 40
