Introducing EQ Office; Equity Office Properties Launches New Identity After 42 Years
Change reflects evolving workplace needs and the organization’s customer-centric culture
CHICAGO – June 20, 2018 –Equity Office, the U.S. office portfolio company wholly-owned by Blackstone's real estate funds, announced today the launch of a new identity focused on customer success: EQ Office℠. As part of the launch, EQ will provide a range of new products, services and experiences focused on addressing the evolving organizational needs in workplace culture and flexibility, with the ultimate goal of helping companies attract, retain and inspire talent.
EQ is pushing the boundaries of the traditional commercial real estate industry, leveraging its scale, legacy and resources to shape how offices can accommodate customer workspace preferences, including more flexible, dynamic environments due to large-scale changes in technology and mobility that are affecting every industry. Seeing every real estate transaction through the customer’s perspective, EQ intends to partner with its customers to help solve their most pressing business issues and create individual spaces for greatness – not just places to work.
“Technology has fueled a remarkable pace of change in how we work and live,” said Lisa Picard, EQ President and CEO. “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 new identity is one part of EQ’s strategy to evolve its business to the changing world; a more agile and open culture organized around the customer before the product. In addition, EQ is:
- Repositioning select properties to deliver improved customer experiences. In addition to the massive changes underway at Willis Tower in Chicago, EQ announced today the repositioning of the Howard Hughes Center in Los Angeles. The property is being transformed into a dynamic work environment featuring new business and lifestyle amenities that enhance the work experience, including health-centric initiatives and programmed fitness, a robust farmers market, a dog-friendly campus, a conference and entertainment center and outdoor rooms and venues.
- Partnering with best-in-class flex operators to increase available workspace options beyond the traditional 7-10+ year leases. EQ has leased space to a number of flexible workspace providers, including Industrious, Regus, WeWork, Convene and Mindspace, and is eager to continue working with them to bring their unique offerings to the marketplace.
- Pilot testing 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 that allow anyone to effectively order lunch, make appointments, request cars from valet and schedule fitness classes, among other capabilities.
- Launching a new, hospitality-like Customer Experience (CX) training for EQ employees that drives creative solution-making into the virtual and physical experience of each property. The training will instruct employees on how to be more customer centric, from the start of investment through the development, management and eventual divestment of properties.
“This is an exciting new phase for the company and we’re proud to continue working with them going forward,” said Rob Harper, Senior Managing Director at Blackstone. “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.”
More information, including graphics and videos can be found here.
About EQ We are EQ Office. While other real estate owners talk about square footage and floor plans, we focus on the experience; how space feels, activates and performs. At EQ, we partner with business leaders to find, design and manage balanced workspaces with the intention of helping to inspire talent. We’re proud to work hand-in-hand with customers of all sizes from Fortune 100 companies to emerging startups to bring humanity back to the work place. Our diverse team of over 200 professionals is responsible for creating inspired office environments in cities across the country including Chicago, New York, Los Angeles, San Francisco, Seattle and Boston. What began as Equity Office Properties 42 years ago, now reflects a new intelligence needed to address shifting workplace needs, as EQ Office. As a U.S. office portfolio company wholly owned by Blackstone's real estate funds, we have the resources to lead the changes happening in work space. Explore your space for greatness at www.eqoffice.com.
About Blackstone Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $450 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.