Equity Commonwealth sold Groupon Inc.'s headquarters building in Chicago to real estate developer and investor Sterling Bay and institutional investors advised by J.P. Morgan Asset Management for $510 million.
The office real estate investment trust was reported to be in late-stage negotiations for the sale of the property in December 2017. The roughly 1.65 million-square-foot building at 600 W. Chicago Ave. was one of Equity Commonwealth's two remaining properties in Chicago.
Other current tenants at the 94%-leased building include Echo Global Logistics, Uptake Technologies, Jump Trading, Big Ten Network and venture capital firm Lightbank. The building housed the former catalog warehouse of American retail company Montgomery Ward.