RIP Sam Zell

I remember my first encounter with Sam Zell. It took place in Mar of 78. I had just completed 5 months of training at CBRE (Coldwell Banker Commercial Brokerage at the time) and had decided that I wanted to be a MultiFamily broker and start my real estate career.

I had learned the basic trade secrets and started to look for new business. In late Dec on 77 I had met two dynamic ladies that had a company called Real Investments. Their business plan was to buy condo quality multifamily properties that they could convert to condominiums for sale. In a meeting they handed me an offer to purchase the University Place Apartments at the corner of University and Skillman in Dallas, TX. The story they told me was that they had been trying to present their offer to whomever the owner was and had not been able find that person. It was an all cash offer for $3,750,000, 30 day look and close. Subject only to clear title and survey. They only wanted a 10 day look and then go firm with $250,000. Wow!

Excited, I accepted their offer to present the POS agreement with the understanding that they would pay me a 4% fee upon closing. There were no computers in those days to do a search on so I hopped into my car and went downtown to the Records Building and searched through old, dusty, huge books to find the owners and I searched through micro fiche files and it took three days of terrible frustration to find a clue as to ownership. I did find an owners name of Greenway Partners in Chicago, Ill. My first clue. I then had to search for a phone number and name of someone at Greenway. After many calls to Chicago I located a law firm that was somehow connected to the owner. I phoned many times and left messages with receptionists and waited for a return call. None came so I kept calling and leaving testy messages to someone to please call me back and direct me to the owner so I could present my offer. Two weeks later a gentleman called and said here is a phone number to reach a man by the name of Sam Zell. I called many times to reach Sam Sell with no luck on a call back. I had no idea who this guy was but he sure was hard to reach. I learned after six years of active duty in the USMC that you don't ever quit and success is the only correct result.

I called again on a Monday morning and the receptionist said to hold for Mr Zell. Forty five minutes later Sam comes on the phone and ask me "what do you want"? I introduced my self, told him I was in possession of an all cash offer to purchase University Place Apts and was he the owner? I cannot repeat the abusive response to my initial intro. Sam hated brokers and lots of other mean statements about people in my trade. After two minutes of this tirade Sam asked how much was the offer and the terms. Sam instructed me to fly to Chicago from Dallas, Tues morning. The next day! I scrambled to purchase a round trip ticket to Midway with a return Tues evening. Sam said be here at 9am.

I was sitting in the waiting room on the 37th floor of a high rise office building on Lasalle St in downtown Chicago. It was 8:45, 15 minutes early for my meeting with Sam. The receptionist said Mr Zell would be right out. At 9:30 I asked the receptionist what the hold up was. I reminded her that I flew from Dallas, TX to make a 9am meeting with Mr Zell. She apologized and said Sam was very busy but would be out soon. At 1030 I, now disgruntled and a little upset with Mr Zell, demanded that he have the meeting that I worked very hard to make at 9am. At about that time a small guy in blue jeans and a black tee shirt walked by and nodded hello but moved on. I thought it was a cleaning guy. I was in a dark suit (CBRE) required uniform and a red tie. I noticed everyone else that walked by on that floor were similarly dressed. Now 11am, the same little guy walked by and nodded but did not speak. I was again, now really agitated, inquiring about my meeting with Sam. Needless to say, I didn't know what was going on. I dejectedly called the airline and checked on my return flight to Dallas.

At 12 oclock exactly, Sam Zell walked out in his black teeshirt and blue jeans and introduced himself and apologized for the delay and invited me into this huge conference room and introduced me to Joey Bell, personal assistant. Sam, a licensed lawyer with a law degree from the University of Michigan, asked for the offer contract. He brought out a pen, made some light changes and finished the whole process in about 20 minutes. Not a word was spoken. He signed the contract, initialed his changes and thanked my for a very fair offer and congratulated me for hanging in there through this grueling process. He then buzzed Joey in and told her to go get a young lady (Jane) and introduce her to me, take me a a hotel they owned and treat my to a fine dinner, all on Equity Financial. He then took me to his office and showed me a cauldron, five feet wide and four feet deep with three life sized humans, boiling in the bubbling water. WTH was this. Then he walked me over to introduce me to Bob Lurie, the only partner that Sam ever had. Lurie had a scaffold in his office (life sized) with three humans hanging. Once again, I am astounded by Sam Zell (the Grave Dancer) and Bob Lurie, two dynamos, laughing and enjoying life. I had a great relationship with Sam over the next 40 years and was sick when I heard we had lost Sam. What an incredible man, bigger than life, generous to a fault. A great loss to an industry he mastered. God bless you Sam Zell. I will miss you and never forget the things you taught me.

Lewis E Wood. Dallas,TX. June 5, 2023