will sell its ownership interests in three properties in San Francisco for a total of about $167 million.
The sales will mark the company's exit of the San Francisco market, in accordance with its capital recycling program and portfolio strategy, the real estate investment trust said. The company has entered into a contract to sell 760 Market Street and 795 Folsom Street in San Francisco to Westcore Properties for an aggregate price of $126 million.
The Cranford, N.J.-based company will also sell all of its 50% ownership interest in Convention Plaza in San Francisco based on a total building valuation of about $82 million.
The sales will lead to gain in excess of $36 million.
"These transactions represent a significant milestone for our Company. Not only will they mark our exit of the San Francisco market and California, but they will also be the final step in our strategic plan of exiting the western, non-core markets to focus on growth opportunities in our core Northeast region," the company said.
The shares of the company were trading up 31 cents at $52.24 Friday.
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