Equity Office, the office portfolio company owned by Blackstone, has rebranded itself as it repositions its $450 billion portfolio to cater to the millennial generation. Under the moniker EQ Office, the company said it is “pushing the boundaries” of the traditional commercial real estate industry to create flexible, dynamic environments that accommodate the massive changes in technology and mobility that are affecting every industry. Lisa Picard, EQ President and CEO, said, “In order to create effective venues for companies to work and live, we must have a highly curious and empathic culture – an emotional intelligence. Our new identity is a commitment to co-create spaces with our customers and help companies recruit the best talent through experiences that cultivate openness, foster humanity and generate potential” The company announced last week that it is partnering with workspace provider Industrious to create an employee-oriented workspace at its 1.4 million s/f Howard Hughes Center in Los Angeles that will include indoor and outdoor work spaces, various fitness options, a farmers’ market, a pickleball court, and local food, beverage and retail offerings. Brooklyn-based Industrious will manage 100,000 to 140,000 s/f of flexible office suites at the complex. EQ said it plans to continue to partner with flex operators to increase workspace options beyond the traditional 7-10 year leases and has already leased space to Regus, WeWork, Convene, Space and Mindspace. Pilot testing is underway on new technology and data services for customers, including a Market Intelligence Tool to help employers find the best talent, as well as virtual concierge applications. Rob Harper, Senior Managing Director at Blackstone, which acquired Equity Office Properties Trust in November 2006 for $36 billion, said, “The new identity and customer-focused initiatives, combined with EQ’s strong assets in premium U.S. markets and continued partnership with Blackstone, positions the company well for the future.” EQ’s New York portfolio includes 44 Wall Street where the company has repositioned the historic building as a premium office destination. The building has already attracted a number of creative and technology companies, including GameChanger, a tech company that produces a digital scorekeeping app; JobDiva, a recruiting software company; and Funny Or Die, the comedy brand founded by Will Ferrell, Adam Kay, and Chris Henchy. EQ also owns 114 West 41st Street, a 22-story office tower in midtown; Park Avenue Tower at 65 East 55th Street and; 1740 Broadway where flex-office provider Spaces operates on the 15th floor and Regus runs 30,000 s/f of leased space.
Blackstone-owned Equity Office has rebranded in a bid to target millennial tenants. The company is rebranding as “Equity Office” and will be offering tenants the option of leasing space from them for up to three years at rates that are lower than those offered by other landlords. EQ Office aims to create environments that cater for the substantial changes in technology and mobility happening within every industry.