Sam Zell News
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Gary Delgado learned last week from a note slipped under his door that the rent for his two-bedroom apartment at Manhattan’s Stuyvesant Town will jump by $920 to $4,220 a month in July. Unable to move immediately, he says he’ll stick it out for another year.
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Billionaire investor Sam Zell, chairman of Equity Group Investments, said he sees fewer opportunities in real estate investments and that stocks are overvalued.
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Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.
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Brookfield Office Properties Inc. agreed to buy MPG Office Trust, expanding its Southern California holdings to become the biggest office owner in downtown Los Angeles.
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Billionaire property investor Sam Zell said high-quality buildings will fill at lower rents over the next year and a half amid a slump in commercial real estate construction.
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Tribune Co. ’s bankruptcy judge said he isn’t yet ready to decide whether potential lawsuits against company Chairman Sam Zell related to the billionaire’s $8.2 billion buyout of the newspaper publisher “have merit.”
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Lehman Brothers Holdings Inc. lost a bid to block Bank of America Corp. and Barclays Plc from giving Sam Zell’s Equity Residential an option to buy 26.5 percent of Archstone when a judge said Zell was entitled to the option.
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Willie Gault, the former NFL wide receiver and Olympic sprinter, was accused by U.S. regulators of taking part in a scheme to artificially inflate the stock of a medical-device company that he managed.
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Sam Zell’s Equity Residential raised its bid for a stake in Archstone held by Bank of America Corp. and Barclays Plc to almost $1.5 billion after Lehman Brothers Holdings Inc. said it wanted to take control of the real-estate company.
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Helen Zell, the wife of billionaire investor Sam Zell, gave $50 million to the University of Michigan for a creative writing program through her family foundation.
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