EQ Office is a

real estate investment Real estate investing involves the purchase, management and sale or rental of real estate for profit. Someone who actively or passively invests in real estate is called a real estate entrepreneur or a real estate investor. Some investors actively ...

company A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared ...

that owns 80

office An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific ...

properties comprising 40 million square feet. The company is owned by funds managed by

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

. The company was formerly known as Equity Office.

History

The company was founded in 1976 by Sam Zell. In 1997, the company acquired Lakeside Square in North Dallas for $60 million. In 2003, the company gained control of the

San Francisco Ferry Building The San Francisco Ferry Building is a terminal for ferries that travel across the San Francisco Bay, a food hall and an office building. It is located on The Embarcadero in San Francisco, California and is served by Golden Gate Ferry and San ...

. In 2005, the company sold 5 buildings in San Francisco for $400 million. The company also acquired a portfolio in

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

for $263 million. In 2006, the company acquired Pointe O'Hare I, an office building near

O'Hare International Airport Chicago O'Hare International Airport , sometimes referred to as, Chicago O'Hare, or simply O'Hare, is the main international airport serving Chicago, Illinois, located on the city's Northwest Side, approximately northwest of the Loop busines ...

for $59 million and a property in

Boca Raton, Florida Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...

for $29.5 million. The company also acquired half-interest in two Miami office buildings for $249.8 million. In February 2007, after a bidding war with

Vornado Realty Trust Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan. Investments Notable properties owned by the ...

, funds managed by

completed the acquisition of the company for $39 billion and sold 8 buildings to affiliates of Harry Macklowe for $7 billion. In April 2007, the company sold its portfolio in Washington, D.C. to Beacon Capital Partners for $6.5 billion. Later in 2013, the company acquired the Hughes Center, an office and retail development in

Las Vegas Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Veg ...

, for $347 million. In January 2014, the company sold 1-3 Center Plaza in Boston to

Shorenstein Properties Shorenstein is a real estate investment company based in San Francisco that owns interests in of office space throughout the United States. The company has sponsored twelve closed-end real estate funds, with total equity commitments of $8.8 bill ...

for $307 million. In April 2014, the company sold

28 State Street 28 State Street is a modern skyscraper in the Government Center neighborhood of Boston, Massachusetts, United States. Built in 1969, it is Boston's 21st-tallest building, standing 500 feet (152 m) tall, and housing 40 floors. It has been known ...

for $345 million. In December 2014, the company sold its portfolio in

Silicon Valley Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo Cou ...

Hudson Pacific Properties Hudson Pacific Properties is a real estate investment trust with 15.8 million square feet of office buildings, 1.5 million square feet of sound stages, and undeveloped rights for 3 million square feet of additional commercial property. Its prope ...

for $3.5 billion. In 2015, the company acquired the

Willis Tower The Willis Tower (originally the Sears Tower) is a 108- story, skyscraper in the Loop community area of Chicago in Illinois, United States. Designed by architect Bruce Graham and engineer Fazlur Rahman Khan of Skidmore, Owings & Merrill (SOM ...

for $1.3 billion. In 2017, the company sold a property in

San Jose, California San Jose, officially San José (; ; ), is a major city in the U.S. state of California that is the cultural, financial, and political center of Silicon Valley and largest city in Northern California by both population and area. With a 2020 popu ...

for $82 million. The company also sold a two-building medical office campus in

San Diego, California San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the eighth most populous city in the United Stat ...

for $97 million. In June 2018, the company changed its name from Equity Office to EQ Office.

Investments

Notable properties owned by the company are as follows: *

100 Summer Street 100 Summer Street is a high-rise building located in downtown Boston, Massachusetts. The building stands at with 33 floors, over 1.03 million square feet (over 92,000 m2) of office space, and was completed in 1974. It is ranked 24th on the ...

1740 Broadway 1740 Broadway (formerly the MONY Building or Mutual of New York Building) is a 26-story building on the east side of Broadway, between 55th and 56th Streets, in the Midtown Manhattan neighborhood of New York City. The building is owned by EQ O ...

350 North Orleans 350 North Orleans (formerly known as River North Point) is the official name of the 24-floor multipurpose building located in the River North community area of Chicago, at the intersection of the North Branch and the Main Branch of the Chicago Ri ...

* Wells Fargo Center (Minneapolis) *

References

{{Blackstone Companies Companies based in Chicago Privately held companies based in Illinois The Blackstone Group companies Real estate companies of the United States 2007 mergers and acquisitions 1976 establishments in Illinois Real estate companies established in 1976