Equity Office Properties Trust announced its acquisition of two new buildings for $173 million Thursday.
The Chicago-based real estate investment trust, led by billionaire financier Sam Zell, said it bought 300 W. 6th Street, in Austin, for $131.7 million. The 23-story, 446,637 square foot building is in the core of Austin's business district, and is 78% leased. It is Equity Office's fourth Austin property, giving the company 2.7 million square feet in the market.
The company also bought Clocktower Square in Palo Alto, Calif., a 97,133 square foot office complex situated on 5.9 acres, for $41.3 million. Equity Office now owns about 1.1 million square feet in Palo Alto.
The company also announced that it sold an Oakland, Calif., building for $44.7 million, and that it closed on its previously announced $505 million purchase of 1095 Ave. of the Americas in New York.