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If Zell Sells You Better Sell Too?

Steven Roth, CEO of Vornado Realty Trust: “this is a time when the smart guys are starting to build cash.”

Equity Group Investments,   Sam Zell

Chairman Sam Zell of Equity Group Investments knows real estate timing better than anyone else, According to Business Insider,

The real estate mogul sold his firm, Equity Office, to Blackstone Group for $39 billion back in 2007. And the timing was right. The deal was done only months ahead before credit markets in the property market became haywire, the publication says.

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He may be making the same business decision once again. Sam Zell’s real estate fund, Equity Residential, is said to have arranged to let go of 23, 000 apartment units.

The said units, which represent more than 20 percent of the firm’s portfolio, will be handed over to Starwood Capital for $5.4 billion. And in the near future the fund is planning to sell 4, 700 more units. As for the proceeds, they will be returned to the firm’s investors in the form of dividends in 2016.

Equity Commonwealth, which is also being overseen by Zell, has sold 82 office assets amounting to $1.7 billion since February 2015. But it doesn’t not stop there. Zell’s firm wants to raise another $1.3 billion which it intends to achieve by selling off more of their assets.

Why is Zell selling off properties?

According to Business Insider, Zell is simply implying that “it is time to sell.” And he could be right especially after the recent overwhelming rise in the value of real estate. And while prices are high, selling may be a good idea as investors might be very happy that they are receiving a bigger return on their investment.

And Steven Roth, CEO of Vornado Realty Trust has reacted by saying, “The easy money has been made in this cycle… this is a time when the smart guys are starting to build cash.”



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Sam Zell has been pretty busy since he took over Equity Commonwealth 3 months ago, and it looks like there is more housekeeping to do. After making $200 million worth of property sales, selling shares in More…

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Sam Zell’s CommonWealth REIT has announced that it intends to divest itself of its entire Australian portfolio, worth an estimated $280 million. This according to a report in Australia’s Business Spectator. The More…

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As Corvex’s Keith Meister & Related’s Jeff Blau Drive Home Major Activist Shareholder Victory – Two months ago Keith Meister’s activist hedge fund Corvex Management and Related Fund Management,  More…

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Potrero Hill Development Project – rendering courtesy Equity Residential. Last week, New York Stock Exchange listed real estate investment trust Equity Residential EQR (NYSE) announced More…

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Chicago billionaire Sam Zell’s Equity LifeStyle Properties has just been hit with a US$111 million jury verdict against it in a case against it in California, where it owns a mobile-home park in San More…

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Well shareholder democracy works in the end, it seems, though it sometimes takes quite a lot of persistence. Last night Keith Meister’s activist hedge fund Corvex Management and Related Fund



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