CHICAGO — During a conference call held yesterday, executives of Equity Commonwealth (NYSE: EQC) announced that the Chicago-based office REIT is going to wind down its operations and liquidate its four remaining office assets. David Helfand, president and CEO of Equity Commonwealth, cited “uniquely challenging market conditions” as the impetus behind the move as the company was previously pursuing a major acquisition that ultimately wasn’t executed. “After working through our pipeline, we have been unable to consummate a compelling transaction,” said Helfand, who noted that the firm had also been trying to sell three of its remaining office properties as discussed in the first-quarter earnings call. “As a result, our board of trustees has determined that it’s advisable and in the best interest of our shareholders to proceed with the wind down of our operations and the liquidation of our assets in order to maximize value for shareholders.” Equity Commonwealth was founded in 1986 by Barry Portnoy under the name CommonWealth REIT. In 2014, the late REIT champion and billionaire investor Sam Zell took over operations of the company alongside a new board of directors, including Helfand. The REIT was rebranded to Equity Commonwealth and began trading on the New …
