Equity Office Sells 18 Assets to RREEF

Equity Office Properties Trust, the largest U.S. office building owner, said it sold 18 industrial properties with 5.5 million square feet of space in Northern California and Oregon to RREEF for $212.9 million.

The real estate investment trust, whose chairman is billionaire Sam Zell, acquired the properties in its July purchase of Spieker Properties Inc., the largest commercial landlord on the West Coast. It sold 40% of Spieker’s industrial properties to RREEF, a Chicago-based pension fund advisor. Equity Office shares rose 17 cents to $30.09 on the New York Stock Exchange.

The warehouse and distribution facilities are in Portland, Ore., Sacramento and the San Francisco Bay Area cities of Livermore and Benicia. The largest spaces are Portland’s Marine Drive Distribution Center, with about 590,000 square feet of space, and Kelley Point I and II, also in Portland, with almost 1.5 million square feet.

In October, RREEF teamed up with the California Public Employees Retirement System to buy warehouse developer Cabot Industrial Trust for $2.1 billion in cash and assumed debt.