Related Person Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Person Transactions

Related Person Transactions 

The following discussion includes a description of our related person transactions for the three months ended March 31, 2024 and 2023.

We lease office space for our corporate headquarters from Two North Riverside Plaza Joint Venture Limited Partnership, 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. Messrs. Helfand and Weinberg continue to be advisors to EGI and certain other members of our team are expected to continue to have limited involvement in its activities.

In December 2022, we entered into a third amendment to our July 20, 2015 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. The amendment extended the lease term for one year, through December 31, 2023, with no renewal options, for a lease payment of $0.4 million per year. In August 2023, we entered into a fourth amendment to the lease extending the lease term for one year, through December 31, 2024, with no renewal options and contracting square feet to the existing space on the twentieth floor, for a lease payment of $0.4 million per year. In April 2024, we entered into a fifth amendment to the lease extending the lease term for two additional years, through December 31, 2026, with no renewal options (as amended by the first through fifth lease amendments, the Two North Office Lease), for a lease payment of $0.4 million per year. The Two North Office Lease allows EQC to terminate the lease early for a termination fee equal to three-months’ base rent.

During the three months ended March 31, 2024 and 2023, we recognized expenses of $0.1 million and $0.1 million, respectively, pursuant to the Two North Office Lease. As of March 31, 2024 and December 31, 2023, we did not have any amounts due to Two North Riverside Plaza Joint Venture Limited Partnership pursuant to the Two North Office Lease.