Equity Office

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Equity Office
Privately-held
Founded 1976
Founder Sam Zell
Headquarters Chicago Illinois
Key people
Lisa Picard, President & CEO
Website equityoffice.com

Equity Office is the owner of 50 million square feet of office space. The company is owned by funds managed by The Blackstone Group.

Investments[edit]

Notable properties owned by the company are as follows:

History[edit]

The company was founded in 1976 by Sam Zell.[1]

In 1997, the company acquired a property in North Dallas for $60 million.[2]

In 2003, the company gained control of the San Francisco Ferry Building.[3]

In 2005, the company sold 5 buildings in San Francisco for $400 million.[4] The company also acquired a portfolio in California for $263 million.[5]

In 2006, the company acquired a property near O'Hare International Airport for $59 million[6] and a property in Boca Raton, Florida for $29.5 million.[7] The company also acquired half-interest in two Miami office buildings for $249.8 million.[8]

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.[9]

In April 2007, the company sold its portfolio in Washington, D.C. to Beacon Capital Partners for $6.5 billion.[10]

In 2013, the company acquired the Hughes Center, an office and retail development in Las Vegas, for $347 million.[11]

In January 2014, the company sold 1-3 Center Plaza in Boston to Shorenstein Properties for $307 million.[12]

In April 2014, the company sold 28 State Street for $345 million.[13]

In December 2014, the company sold its portfolio in Silicon Valley for $3.5 billion.[14]

In 2015, the company acquired the Willis Tower for $1.3 billion.[15]

In 2017, the company sold a property in San Jose, California for $82 million.[16] The company also sold properties in San Diego, California for $97 million.[17]

References[edit]

  1. ^ Jonas, Ilaina (January 19, 2007). "Blackstone to buy Equity Office". Reuters. 
  2. ^ Garrison, Trey (October 26, 1997). "Equity Office set to close on Lakeside Square deal". American City Business Journals. 
  3. ^ Ginsberg, Steve (January 12, 2003). "Divorce sends Ferry Building to Equity Office". American City Business Journals. 
  4. ^ Wilson, Lizette (April 13, 2005). "Hines buys Equity Office' portfolio for $400M". American City Business Journals. 
  5. ^ Jarrett, Adam (July 7, 2005). "Equity Office To Buy $263M Portfolio". CoStar Group. 
  6. ^ CORFMAN, THOMAS A. (February 22, 2006). "Equity Office buys Pointe O'Hare I building". Chicago Tribune. 
  7. ^ Lunsford, Darcie (May 31, 2006). "Equity Office buys in Boca Raton, more may come". American City Business Journals. 
  8. ^ "Equity Office buys parts of Miami office towers". American City Business Journals. October 5, 2006. 
  9. ^ Pristin, Terry (February 10, 2007). "After Acquiring Equity Office, Blackstone Begins Selling It". The New York Times. 
  10. ^ Natarajan, Prabha (April 11, 2007). "Blackstone completes sale of Equity Office's D.C. portfolio". American City Business Journals. 
  11. ^ Drummer, Randyl (September 23, 2013). "Blackstone Acquires Hughes Center for $347M". CoStar Group. 
  12. ^ Grillo, Thomas (January 9, 2014). "Blackstone's Equity Office sells 1-3 Center Plaza for $307 million". American City Business Journals. 
  13. ^ Grillo, Thomas (April 2, 2014). "Blackstone's Equity Office unloads 28 State St. for $345M". American City Business Journals. 
  14. ^ 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. 
  15. ^ Harris, Melissa (March 16, 2015). "Willis Tower to be sold for $1.3 billion to Blackstone Group". Chicago Tribune. 
  16. ^ Bitters, Janice (May 19, 2017). "North San Jose office with long-term tech tenant sells for $82M". American City Business Journals. 
  17. ^ Hirsh, Lou (September 10, 2017). "UTC Medical Office Campus Sold for $97M". American City Business Journals.