Singhal,
There have been some issues with eQUEST locking up while changing space names in the wizard. I typically wait until I'm in the Detailed Interface to rename spaces and zones. If you must do it in the wizard, try the suggestions in this post from a few years ago:
http://lists.onebuilding.org/htdig.cgi/equest-users-onebuilding.org/2011-June/032690.html
Keith Swartz, PE, BEMP, LEED AP
Senior Energy Engineer | Energy Center of Wisconsin | Madison.Chicago.Minneapolis
608.210.7123 | www.ecw.org