Sam Zell Plans $2B to $3B Office Sale
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Sam Zell’s at it again, and according to Crain's, aims to sell off $2B to $3B of Equity Commonweath-owned office properties. The portfolio includes international properties (Australia, for one) and the Chicago-based office towers at Illinois Center and at 600 W Chicago Ave, also Groupon’s River North home. Equity Commonwealth also has properties in Alabama, an example of its broad reach. While Crain's notes that Zell wouldn’t comment, other sources also speculate that the sell-off could take two to three years, which may be pushed up significantly, thanks to current low interest rates and high values. [Crain's]