Related Person Transactions |
9 Months Ended |
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Sep. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Person Transactions | Related Person Transactions The following discussion includes a description of our related person transactions for the year ended September 30, 2025 and December 31, 2024. We leased office space for our corporate headquarters at Two North Riverside Plaza, in Chicago, Illinois (Two North Office Building). From January 1, 2024 through May 22, 2025, the Two North Office Building was owned by Two North Riverside Plaza Joint Venture Limited Partnership (Two North Owner), an entity associated with Equity Group Investments (EGI), a private entrepreneurial investment firm founded by Sam Zell, our former Chairman who passed away on May 18, 2023. During that time, Messrs. Helfand and Weinberg were advisors to EGI and certain other members of our team were involved in EGI’s activities. On May 23, 2025, the Two North Owner transferred ownership of the Two North Office Building to a subsidiary of its lender via a deed-in-lieu of foreclosure, which subsequently sold the Two North Office Building to an unrelated third party. Effective July 20, 2015, we entered into a lease with Two North Riverside Plaza Joint Venture Limited Partnership to occupy office space on the twentieth and twenty-first floors of Two North Riverside Plaza in Chicago, Illinois (Two North Office Lease).The initial term of the lease was approximately five years, expiring on December 31, 2020. In August 2023, we entered into an amendment to the Two North Office Lease extending the lease term for one year, through December 31, 2024, with no renewal options and contracting square feet to the space on the twentieth floor. The lease payment for the extended term was $0.4 million. In April 2024, we entered into an amendment to the Two North Office Lease extending the lease term for additional years, through December 31, 2026, with no renewal options. The lease payment for the extended term was $0.4 million per year. The Two North Office Lease allowed EQC to terminate the lease early for a termination fee equal to three-months’ base rent (Termination Fee). On or about August 30, 2025, we provided notice and subsequently paid the Termination Fee to terminate the lease effective September 30, 2025. During the ten months ended October 31, 2024, we recognized expenses of $0.3 million pursuant to the Two North Office Lease.
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