LYCOS RETRIEVER 
Samuel Zell: Real Estate
built 292 days ago
Samuel Zell has been Chairman of the Board of the Equity Lifestyle Properties, Inc. since March 1995, and was Chief Executive Officer of the Company from March 1995 to August 1996. Mr. Zell was Co-Chairman of the Board of the Company from its formation until March 1995. Mr. Zell was a director of Mobile Home Communities, Inc., the former manager of the Company’s manufactured home communities, from 1983 until its dissolution in 1993. Mr. Zell has served as Chairman of Equity Group Investments, L.L.C. (“EGIâ€), a private investment company, since 1999 and is its president. Mr. Zell was a trustee and chairman of the board of trustees of Equity Office Properties Trust, an equity real estate investment trust (“REITâ€) primarily focused on office buildings, from October 1996 until February 2007, and was its chief executive officer from April 2002 to April 2003, and its president from April 2002 to November 2002.
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Samuel Zell, the Chicago real estate billionaire who may eventually become chairman of Newsday parent Tribune Co., gave the keynote address at New York University's York Real Estate Investment Trust Symposium in Manhattan today. But if his audience of powerful executives and investors left unaware of the high-profile Tribune deal, they might be forgiven: That's exactly how Zell wants it....
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Samuel Zell, elected as Chairman of the Board in September 2005... previously served as a director from 1999 to 2004, and as President, Chief Executive Officer and Chairman of the Board from July 2002 to October 2004. Mr. Zell has served as Chairman of the Board of Directors of EGI since 1999, and had been Chairman of the Board of its predecessor, Equity Group Investments, Inc., for more than five years. Mr. Zell has been a trustee and Chairman of the Board of Trustees of Equity Office Properties Trust, an equity real estate investment trust, commonly known as a "REIT," primarily focused on office buildings, since October 1996, was its Interim President from April 2002 until November 2002 and was its and Interim Chief Executive Officer from April 2002 until April 2003. For more than the past five years, Mr. Zell has served as Chairman of the Board of Anixter International, Inc., a global distributor of electrical and cable systems; as Chairman of the Board of Equity Lifestyle Properties, Inc. (previously known as of Manufactured Home Communities, Inc.), an equity REIT primarily engaged in the ownership and operation of manufactured home resort communities; as Chairman of the Board of Trustees of Equity Residential Properties Trust, an equity REIT that owns and operates multi-family residential properties and as Chairman of the Board of Capital Trust, Inc., a specialized finance company.
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As Tribune Co Chairman/CEO Dennis Fitzsimmons prepares to step down from his positions and depart the company, real estate billionaire Samuel Zell gets ready for his takeover. The self-described “professional opportunist” is expected to carry out his plan of taking Tribune private with an $8.2 billion buyout in an effort to revive the struggling television and newspaper company (see article from CNBC).
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Many real estate operators who had engaged in dubious tax shelter schemes during the 1970s faced a day of reckoning when the Tax Reform Act of 1986 undercut their activities, resulting in a crash that Zell anticipated. As in an earlier time, he and Lurie were able to take advantage of other people's problems and acquire properties at a steep discount. In 1987 they began to set up real estate vulture funds with Merrill Lynch & Co. and acquired many of the properties that would form the basis of EOP and two other REITs. By the end of the decade... commercial banking money dried up and severely hampered Equity Finance. More importantly, Lurie was diagnosed with cancer during this period and the final years of his life were difficult for both men. Unable to accept the inevitable the partners reportedly stopped seeing each other to conduct business, instead talking by telephone on an hourly basis.
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Mr. Zell, who went on to make billions in real estate, is seeing inefficient markets once again, this time in newspapers. He is in the midst of negotiations with the Tribune Company, which owns some of the nation’s most storied dailies, including The Los Angeles Times, The Chicago Tribune and The Baltimore Sun. It ... owns 23 television stations and the Chicago Cubs.
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