Equity Office (NYSE:EOP)
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Equity Office (NYSE:EOP) announced two acquisitions today in Southern
Florida – a 50% interest in Wachovia Financial
Center for $194 million, and a 50% interest of 1221 Brickell Avenue for
approximately $55.8 million.
"We’ve been looking at acquisition
opportunities in the Southern Florida market over the last 18 months,”
commented Richard Kincaid, Equity Office’s
president and chief executive officer. The area’s
economy continues to be among the strongest performers in the country,
and we believe Miami will continue to generate strong job growth and
steady demand for office space going forward. The Miami metropolitan
area is experiencing a resurgence, and downtown and Brickell are two of
its strongest submarkets. The Class A vacancies for downtown and
Brickell are 5.7%, and 7.3%, respectively. The CBD is driven by
primarily small companies across diverse industries, while Brickell is
widely regarded as the premier location in Southern Florida for
financial institutions and Latin American firms.
“Further, these two recent investments expand
our existing joint venture relationships with Macquarie Office Trust and
PRUPIM,” he added.
Wachovia Financial Center is a 55-story, 1.1 million square-foot trophy
office building located on a 2.4-acre site in Miami’s
central business district. The building, which is 94% leased, has
unobstructed ocean views over Bayfront Park, and a large open-air plaza
lined with retail shops and restaurants. Macquarie Office Trust, a
leading Australian listed real estate trust, is the joint venture
partner on the asset. WestWind Capital Partners, on behalf of a KanAm
closed-end fund, sold the 50% interest that Equity Office acquired in
Wachovia Financial Center.
1221 Brickell Avenue is a 388,492-square-foot, Class A, 26-story office
building in Brickell, a greater Miami submarket. The building, which is
64.7% leased, is located on a two-acre site on the southeast corner of
Brickell Avenue and Coral Way, one of the most prominent intersections
in this submarket. The building was acquired in a joint venture with
PRUPIM, one of the UK’s leading real estate
investment managers. PRUPIM was advised on the transaction by LaSalle
Investment Management, Inc.
Forward - Looking Statements
This release includes certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, which
relate to, without limitation, future economic performance, plans and
objectives of Equity Office for future operations and projections of
revenue and other financial items, which can be identified by the use of
forward-looking terminology such as "may," "will," "should," "expect,"
"anticipate," "estimate," or "continue" or the negative thereof or other
variations thereof or compatible terminology. These forward-looking
statements are based on management's present expectations and beliefs
about future events. As with any projection or forecast, these
statements are subject to risks and uncertainties. Important factors
that could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be
considered in evaluating this release and the outlook of Equity Office
include, but are not limited to, changes in economic, business and
competitive conditions, and other factors affecting the operation of the
business of Equity Office and the demand for office properties. These
and other risks and uncertainties are detailed from time to time in
Equity Office's filings with the SEC, including its Form 10-K filed on
March 15, 2006 and Form 8-K filed on March 9, 2006, as amended by Part
II - Item 1A of its Form 10-Q filed on August 8, 2006. Except with
respect to material changes in such risk factors as may be reflected
from time to time in our quarterly filings, Equity Office is under no
obligation, and expressly disclaims any obligation, to update or alter
its forward-looking statements, whether as a result of changes, new
information, subsequent events or otherwise.
About Equity Office
Equity Office Properties Trust, operating through its various
subsidiaries and affiliates, is the nation's largest publicly held
office building owner and manager with a total office portfolio
consisting of whole or partial interests in 586 buildings comprising
109.6 million square feet in 16 states and the District of Columbia.
Equity Office has an ownership presence in 24 Metropolitan Statistical
Areas (MSAs) and in 101 submarkets, enabling it to provide a wide range
of office solutions for local, regional and national customers. For more
company information visit the Equity Office website at http://www.equityoffice.com.
About Macquarie Office
Macquarie Office Trust is a listed property trust with assets under
management of US$4.0 billion (including associates) comprising 42
properties located across Australia and the United States. More than
US$21.6 billion in property assets are managed by entities within the
Macquarie group, by associates and under the Macquarie brand across a
portfolio of listed and unlisted property trusts, unlisted development
funds and property investment syndicates, globally.
About PRUPIM
PRUPIM is one of the largest real estate investment managers in the UK
with over £17.2 billion invested in a broad
spread of properties across all UK sectors and overseas (as at
31/12/05). PRUPIM is part of M&G, the investment arm of Prudential plc
in the UK and Europe.
About LaSalle Investment Management, Inc.
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle
group (NYSE: JLL), is a global investment management firm, exclusively
managing real estate assets. At the present time LaSalle Investment
Management has $39.5 billion US of public and private assets under
administration, with 525 professionals worldwide. LaSalle Investment
Management is active across a range of real estate capital and operating
markets including private and public, debt and equity. For more
information, visit www.lasalle.com.
About WestWind
WestWind Capital Partners is a private real estate advisory firm which
has completed over $7.0 billion in transactions since its inception in
2000. WestWind currently manages a $2.5 billion portfolio of core office
and retail properties on behalf of the KanAm closed and open-end funds.
About KanAm
KanAm is a German syndicator of closed and open-end real estate funds.
Since its inception in 1978, the KanAm group has invested and managed a
portfolio valued at approximately $10 billion in the United States and
Europe on behalf of private and institutional investors through publicly
offered real estate funds and private placements.
Equity Office (NYSE:EOP) announced two acquisitions today in
Southern Florida - a 50% interest in Wachovia Financial Center for
$194 million, and a 50% interest of 1221 Brickell Avenue for
approximately $55.8 million.
"We've been looking at acquisition opportunities in the Southern
Florida market over the last 18 months," commented Richard Kincaid,
Equity Office's president and chief executive officer. The area's
economy continues to be among the strongest performers in the country,
and we believe Miami will continue to generate strong job growth and
steady demand for office space going forward. The Miami metropolitan
area is experiencing a resurgence, and downtown and Brickell are two
of its strongest submarkets. The Class A vacancies for downtown and
Brickell are 5.7%, and 7.3%, respectively. The CBD is driven by
primarily small companies across diverse industries, while Brickell is
widely regarded as the premier location in Southern Florida for
financial institutions and Latin American firms.
"Further, these two recent investments expand our existing joint
venture relationships with Macquarie Office Trust and PRUPIM," he
added.
Wachovia Financial Center is a 55-story, 1.1 million square-foot
trophy office building located on a 2.4-acre site in Miami's central
business district. The building, which is 94% leased, has unobstructed
ocean views over Bayfront Park, and a large open-air plaza lined with
retail shops and restaurants. Macquarie Office Trust, a leading
Australian listed real estate trust, is the joint venture partner on
the asset. WestWind Capital Partners, on behalf of a KanAm closed-end
fund, sold the 50% interest that Equity Office acquired in Wachovia
Financial Center.
1221 Brickell Avenue is a 388,492-square-foot, Class A, 26-story
office building in Brickell, a greater Miami submarket. The building,
which is 64.7% leased, is located on a two-acre site on the southeast
corner of Brickell Avenue and Coral Way, one of the most prominent
intersections in this submarket. The building was acquired in a joint
venture with PRUPIM, one of the UK's leading real estate investment
managers. PRUPIM was advised on the transaction by LaSalle Investment
Management, Inc.
Forward - Looking Statements
This release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
which relate to, without limitation, future economic performance,
plans and objectives of Equity Office for future operations and
projections of revenue and other financial items, which can be
identified by the use of forward-looking terminology such as "may,"
"will," "should," "expect," "anticipate," "estimate," or "continue" or
the negative thereof or other variations thereof or compatible
terminology. These forward-looking statements are based on
management's present expectations and beliefs about future events. As
with any projection or forecast, these statements are subject to risks
and uncertainties. Important factors that could cause actual results
to differ materially from those reflected in such forward-looking
statements and that should be considered in evaluating this release
and the outlook of Equity Office include, but are not limited to,
changes in economic, business and competitive conditions, and other
factors affecting the operation of the business of Equity Office and
the demand for office properties. These and other risks and
uncertainties are detailed from time to time in Equity Office's
filings with the SEC, including its Form 10-K filed on March 15, 2006
and Form 8-K filed on March 9, 2006, as amended by Part II - Item 1A
of its Form 10-Q filed on August 8, 2006. Except with respect to
material changes in such risk factors as may be reflected from time to
time in our quarterly filings, Equity Office is under no obligation,
and expressly disclaims any obligation, to update or alter its
forward-looking statements, whether as a result of changes, new
information, subsequent events or otherwise.
About Equity Office
Equity Office Properties Trust, operating through its various
subsidiaries and affiliates, is the nation's largest publicly held
office building owner and manager with a total office portfolio
consisting of whole or partial interests in 586 buildings comprising
109.6 million square feet in 16 states and the District of Columbia.
Equity Office has an ownership presence in 24 Metropolitan Statistical
Areas (MSAs) and in 101 submarkets, enabling it to provide a wide
range of office solutions for local, regional and national customers.
For more company information visit the Equity Office website at
http://www.equityoffice.com.
About Macquarie Office
Macquarie Office Trust is a listed property trust with assets
under management of US$4.0 billion (including associates) comprising
42 properties located across Australia and the United States. More
than US$21.6 billion in property assets are managed by entities within
the Macquarie group, by associates and under the Macquarie brand
across a portfolio of listed and unlisted property trusts, unlisted
development funds and property investment syndicates, globally.
About PRUPIM
PRUPIM is one of the largest real estate investment managers in
the UK with over GBP 17.2 billion invested in a broad spread of
properties across all UK sectors and overseas (as at 31/12/05). PRUPIM
is part of M&G, the investment arm of Prudential plc in the UK and
Europe.
About LaSalle Investment Management, Inc.
LaSalle Investment Management, Inc., a member of the Jones Lang
LaSalle group (NYSE: JLL), is a global investment management firm,
exclusively managing real estate assets. At the present time LaSalle
Investment Management has $39.5 billion US of public and private
assets under administration, with 525 professionals worldwide. LaSalle
Investment Management is active across a range of real estate capital
and operating markets including private and public, debt and equity.
For more information, visit www.lasalle.com.
About WestWind
WestWind Capital Partners is a private real estate advisory firm
which has completed over $7.0 billion in transactions since its
inception in 2000. WestWind currently manages a $2.5 billion portfolio
of core office and retail properties on behalf of the KanAm closed and
open-end funds.
About KanAm
KanAm is a German syndicator of closed and open-end real estate
funds. Since its inception in 1978, the KanAm group has invested and
managed a portfolio valued at approximately $10 billion in the United
States and Europe on behalf of private and institutional investors
through publicly offered real estate funds and private placements.