Sam Zell Plans $2B to $3B Office Sale

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

New Bears Stadium Proposal Floated For Bridgeport

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Hof Wonen Acquires 251 Social Rental Houses In New Mixed-Use Project In The Hague

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Downtown Office Tower Sells At Foreclosure Auction For $260M

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet