EQ Office

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EQ Office
FormerlyEquity Office
Company typeDefunct
Founded1976;49 years ago (1976) (as Equity Office Properties)
Founder Sam Zell
DefunctMay 2025;3 months ago (2025-05)
FateMerged into Perform Properties
Headquarters Chicago, Illinois
Website www.performproperties.com

EQ Office (formerly Equity Office) was a real estate investment company that invested in office buildings. The company was owned by funds managed by The Blackstone Group. In 2025, it was merged into Perform Properties.

Notable properties that were owned by the company included 100 Summer Street, 1740 Broadway, 350 North Orleans, Docusign Tower, San Francisco Ferry Building, U.S. Bank Center (Seattle), Wells Fargo Center (Minneapolis), and Willis Tower.

History

The company was founded in 1976 by Sam Zell. [1] In 2003, the company gained control of the San Francisco Ferry Building. [2]

In 2005, the company sold 5 buildings in San Francisco for $400 million. [3]

In 2006, the company acquired half-interest in two Miami office buildings for $249.8 million. [4]

In February 2007, after a bidding war with Vornado Realty Trust, funds managed by The Blackstone Group completed the acquisition of the company for $39 billion and sold 8 buildings to affiliates of Harry Macklowe for $7 billion. [5] In April 2007, the company sold its portfolio in Washington, D.C. to Beacon Capital Partners for $6.5 billion. [6]

In September 2013, the company acquired the Hughes Center, an office and retail development in Las Vegas, for $347 million. [7]

In January 2014, the company sold 1-3 Center Plaza in Boston to Shorenstein Properties for $307 million. [8] In April 2014, the company sold 28 State Street for $345 million. [9] In December 2014, the company sold its portfolio in Silicon Valley to Hudson Pacific Properties for $3.5 billion. [10] In 2015, the company acquired the Willis Tower for $1.3 billion. [11]

In June 2018, the company changed its name from Equity Office to EQ Office. [12] In 2019, the company purchased U.S. Bank Center and Docusign Tower in Seattle for $1.2 billion. [13]

In May 2025, the company was merged into Perform Properties. [14]

References

  1. ↑ Jonas, Ilaina (January 19, 2007). "Blackstone to buy Equity Office". Reuters .
  2. ↑ Ginsberg, Steve (January 12, 2003). "Divorce sends Ferry Building to Equity Office". American City Business Journals .
  3. ↑ Wilson, Lizette (April 13, 2005). "Hines buys Equity Office' portfolio for $400M". American City Business Journals .
  4. ↑ "Equity Office buys parts of Miami office towers". American City Business Journals . October 5, 2006.
  5. ↑ Pristin, Terry (February 10, 2007). "After Acquiring Equity Office, Blackstone Begins Selling It" . The New York Times .
  6. ↑ Natarajan, Prabha (April 11, 2007). "Blackstone completes sale of Equity Office's D.C. portfolio" . American City Business Journals .
  7. ↑ "Blackstone's Equity Office buys Hughes Center in Las Vegas". Reuters . September 23, 2013.
  8. ↑ Grillo, Thomas (January 9, 2014). "Blackstone's Equity Office sells 1-3 Center Plaza for $307 million" . American City Business Journals .
  9. ↑ Grillo, Thomas (April 2, 2014). "Blackstone's Equity Office unloads 28 State St. for $345M" . American City Business Journals .
  10. ↑ Donato-Weinstein, Nathan (December 7, 2014). "Blackstone to sell Equity Office Silicon Valley portfolio to Hudson Pacific for $3.5 billion" . American City Business Journals .
  11. ↑ Harris, Melissa (March 16, 2015). "Willis Tower to be sold for $1.3 billion to Blackstone Group". Chicago Tribune .
  12. ↑ Lash, Herbert (June 20, 2018). "Equity Office embraces flexible workspace, adopts EQ Office name". Reuters .
  13. ↑ Miller, Brian (July 1, 2019). "EQ Office buys 2 downtown Seattle high-rises for $1.2B". Seattle Daily Journal of Commerce .
  14. ↑ Stiles, Marc (May 15, 2025). "New real estate giant with big Seattle footprint emerges from merger of Blackstone-owned companies" . American City Business Journals .
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