165
CHICAGO — Sam Zell’s Equity Commonwealth plans to sell Groupon’s headquarters, located at 600 W. Chicago Ave., for $500 million, according to local media reports. Sterling Bay is expected to acquire the 1.6 million-square-foot building, which formerly served as a Montgomery Ward catalog warehouse. Equity Commonwealth purchased the asset in 2011 for $390 million. This deal would mark the billionaire’s exit from the Chicago office market. By narrowing its portfolio to just 20 assets, Equity Commonwealth has accumulated approximately $2 billion in cash since Zell took over as chairman in 2014.