Real Estate Transactions: Northland Plaza

Property: Northland Plaza

Buyer: Equity Office Properties

Seller: Talcott Realty 1 Limited Partnership

Source: Buyer

Sale Date: July 1, 1998 (closed), April/May 1998

Sale Price: Approximately $47,000,000 (buyer declined to reveal exact price at this time)

Unit Price: $158.27/sq. ft.

Net Rentable Area: 296,965 sq. ft.

Gross Building Area: NA

Zoning: CS-1 (PD)

Utilities: All available

Topography and Soil: Level and assumed sound

Visibility and Access: Very good

Age: 1985

Land Size: 5.9 acres

Remarks: This property sold, in 1995, for slightly more than $22 million. At that time, the seller indicated capitalization rates of 7.0% and 8.62% based on net operating incomes for year 1 and year 2, respectively.

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