As news of the passing of billionaire real estate investor Sam Zell spreads, the industry is mourning the loss of a titan. Zell, who was 79 years old, had a long and storied career in real estate, leaving an indelible mark on the industry.
Born in Chicago in 1941, Zell was the son of Jewish immigrants who fled Poland before World War II. He attended the University of Michigan, where he earned a degree in law and an MBA. After graduation, he worked for a law firm before founding his own real estate investment company, Equity Group Investments, in 1968.
Over the next several decades, Zell built a reputation as a savvy investor with a keen eye for undervalued properties. He made his fortune by investing in distressed real estate assets, turning them around and selling them for a profit. He was known for his contrarian approach to investing, often buying when others were selling and vice versa.
Zell’s most famous deal was the sale of Equity Office Properties Trust, a real estate investment trust that he founded in 1976. In 2007, he sold the company to private equity firm Blackstone Group for $39 billion, making it the largest leveraged buyout in history at the time.
Zell was also known for his philanthropy, donating millions of dollars to various causes over the years. He was particularly passionate about education and Jewish causes, and served as chairman of the board of trustees of the University of Michigan.
Zell’s passing is a loss not just for the real estate industry, but for the business world as a whole. He was a pioneer in his field, and his legacy will live on through the many companies he founded and the countless people he inspired.
In a statement released after Zell’s death, Equity Group Investments said: “Sam Zell was a true original. He was a brilliant investor, a generous philanthropist, and a devoted family man. He will be deeply missed by all who knew him.”
The real estate industry will undoubtedly feel the impact of Zell’s passing for years to come. His legacy serves as a reminder of the power of entrepreneurship, and the importance of taking calculated risks in pursuit of success.
