Sam Zell, Architect of Modern REIT Era and Former Nareit Chair, Dies at 81
May 18, 2023 | Nareit Staff
Real estate pioneer Sam Zell, considered one of the founders of the modern REIT era, died May 18, 2023, at age 81. His passing was announced by Equity Residential (NYSE: EQR) and Equity LifeStyle Properties, Inc . (NYSE: ELS), two REITs he founded and served as chairman, and Equity Commonwealth (NYSE: EQC), where he was chairman.
Zell was also Nareit’s chair in 1999 and 2000 and was a past recipient of Nareit’s Industry Leadership Award. He was a highly vocal and active champion of the listed REIT approach to real estate investment, and the transparency, predictability, and accountability that REITs bring to the industry.
Nareit President & CEO Steve Wechsler described Zell as the principal “architect and progenitor of the modern REIT era, with a vision that few had and one that has truly come to fruition. It’s proved his far-sightedness, came about through his diligence and doggedness, benefited from his creative spark, and underlined his will to achieve as well as his ability to overcome barriers.”
