REIT Sheds Pair Of Office Towers

Trizec Properties has sold two office properties for a total of $219.5 million. The properties are located in lower Manhattan and Pittsburgh.

The Gateway Center property in Pittsburgh includes four separate towers with a combined 1.47 million sq. ft. Meanwhile, the Manhattan tower—110 Williams Street—is a 32-story, 868,000 sq. ft. office building. Hertz Investment Company bought Gateway Center for $55 million; Swig Burris Equities bought the Manhattan property for $164.5 million.

"These transactions enable us to continue building momentum as we actively pursue our portfolio objectives. They provide additional liquidity for the strategic repositioning of our portfolio," says Tim Callahan, president and chief executive officer at Trizec.

The Gateway Center disposition marks the third non-core market that Trizec has exited since the start of 2004.

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