Posted by ray@lcorn on September 28, 2011 at 10:35:09:
Okay, sorry for the Latin… it just has a nice ring to it (translation, “Long Live the Gravedancer”)
Anyone in commercial real estate recognizes that as the sobriquet of Sam Zell, dealmaker extraordinaire, a man in the top five of my list of all-time real estate legends. Today is his 70th birthday, and I couldn’t let it pass without notice.
Sam Zell is living proof that investment savvy is acquired, not born.
Zell made his reputation as a visionary real estate investor in the late 1980’s and early 1990’s when he and partner Robert Lurie used their Equity Group Investments to acquire billions in distressed properties resulting from the S&L crisis.
Zell gave himself the nickname of “Gravedancer” to describe his investment philosophy of buying assets at deep discounts from heavily distressed owners. His operations grew in scope and scale over the next 20 years, arguably created REIT’s as a mainstream asset class, and changed the face of commercial real estate industry by branding his portfolio with the “Equity…” imprimatur.
Zell is #66 on the Forbes 400, a self-made billionaire with net worth estimated at $4.7 billion. He is co-founder and Chairman of Equity International, a private investment firm that focuses on real estate-related companies outside of the U.S. In addition, Zell maintains substantial interests in, and is the Chairman of, a number of public companies listed on the New York Stock Exchange, including: Equity Residential (EQR), the largest apartment REIT; and Equity LifeStyle Properties (ELS), one of the largest manufactured housing community owners in the US.
The high point of his career (so far, it ain’t over yet by a long shot!) was the sale of Equity Office properties (EOP), the nation’s largest office building owner, to Blackstone Group in 2007 for $39 billion, a deal that marked the peak of the real estate boom.
Happy Birthday Mr. Zell!