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Zell Says Ride Real Estate 'Til 09


Two months after selling Equity Office Properties to Blackstone for $39 billion and in the middle of his attempt to acquire the Tribune Co., Sam Zell addressed a REIT symposium at New York University. There he predicted real estate would remain strong for at least two more years.

Speaking from notes and sporting his trademark business casual attire - a corduroy jacket over a striped shirt with the top two buttons open - Zell leaned over the podium as he walked listeners through 20 years of real estate market history. He opened with an anecdote about a 1984 Texas bumper sticker: "Please, God, give us one more oil boom. We won't screw it up this time."

He said the real estate market might as well have printed similar stickers - and that the industry did get its hoped-for boom. And though prognosticators have suggested that the market has peaked, he said the short-term outlook remains strong.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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