Pioneering real estate investor and founder of Equity Residential (EQR), Equity Office, and Equity Group Investments, Sam Zell passed away on Thursday at the age of 81. EQR announced his death with longtime CEO David Neithercut appointed as board chairman effective immediately.
Since the 1960s, Zell had been an active investor in real estate who helped revolutionize the industry through popularizing REIT structures in the 1990s – democratizing publicly traded real estate companies. He founded what would become EQR while a student 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 part of S&P 500 today. Throughout his career he invested and grew businesses across multiple industries such as manufacturing, retailing travel healthcare & energy sectors too!
Zell was also an avid philanthropist focused on entrepreneurial education; establishing several leading entrepreneurship programs including those at University Of Michigan (Zel Lurie Institute); Northwestern’s Kellogg School Of Management (Samuel Zell & Robert Lurie Real Estate Center); Wharton School At UPenn(The Samuel Zell & Robert Lurie Real Estate Center) ; Reichman University formerly IDC Herzliya(The Zel Entrepreneurship Program).
Mark J Parrell , President And CEO Of Eqr Said “ The world has lost one its greatest investors and entrepreneurs . Sam’s insatiable intellectual curiosity for deal making created some dynamic companies within public real estate industry . He was generous philanthropist , incredible mentor to many friends alike will be missed by all who were lucky enough to be part or him extraordinary world . We extend our deepest condolences to sam’s family loved ones”
