Equity Commonwealth (EQC) was a U.S. office REIT that spent its final decade as a liquidation vehicle rather than an operating business. After a new board and management team took over in 2014, EQC began systematically selling off its portfolio of U.S. office buildings. From 2014 through its dissolution, EQC sold 168 properties and 3 land parcels totaling 45.8 million square feet for aggregate gross proceeds of $7.2 billion, plus $704.8 million in common shares of Select Income REIT. EQC's original business model was to own and lease office buildings to corporate tenants, distributing rental income to shareholders in a tax-advantaged REIT structure. In practice, however, EQC's post-2014 strategy centered on asset disposals and capital return. The company evaluated more than 100 potential reinvestment transactions across office, retail, industrial, multifamily, life sciences, self-storage, and other property sectors, but never redeployed the proceeds. In July 2024, the Board approved a formal Plan of Sale, which shareholders approved in November 2024 with 99% of votes in favor. EQC sold its final four office properties — located in Washington D.C., Austin, and Denver — and made liquidating distributions to common shareholders. Over the full wind-down period from 2014 to dissolution, EQC returned approximately $4.0 billion in distributions to common shareholders, retired $3.4 billion in debt and preferred shares, and repurchased $652 million in common shares. EQC dissolved in June 2025 and transferred remaining assets to a liquidating trust, which itself dissolved by September 2025.