Sam Zell, a pioneering real estate investor and founder of Equity Residential (EQR), Equity Office and Equity Group Investments, passed away on Thursday at the age of 81. EQR announced his passing and appointed longtime CEO David Neithercut as board chairman effective immediately.
Zell was an active investor in real estate since the 1960s, revolutionizing the industry through popularizing REIT structures in the 1990s which democratized ownership of publicly traded real estate companies. He founded what would become EQR while studying at University of Michigan before taking it public on NYSE in August 1993. Under his leadership, EQR grew into a highly regarded $31-billion apartment owner/developer/operator that is now part of S&P 500 index. Additionally he invested & grew businesses across multiple industries including manufacturing, retailing travel healthcare & energy sectors over years to come .
He was also an avid philanthropist with focus on entrepreneurial education; establishing several leading entrepreneurship programs such as Zell Lurie Institute at University Of Michigan; The Zell Fellows Program for Entrepreneurship At Northwestern Kellogg School Of Management ; Samuel Zel And Robert Lurie Real Estate Center At UPenn Wharton School And The Zelle Entrepreneurship Program At Reichman University (formerly IDC Herzliya).
“The world has lost one its greatest investors & entrepreneurs” said Mark J Parrell , President & CEO Of Eqr “ Sam’s insatiable intellectual curiosity coupled with passion for deal making created some dynamic companies within public realm . He will be remembered fondly by all who were lucky enough to be part this extraordinary world we extend our deepest condolences to Sam’s family loved ones ”
