Zell left real estate just in time

Mortimer Zuckerman just learned a hard lesson from Sam Zell. Zell exited the office property market in February 2007,
selling Equity Office Properties Trust and its more than 500 buildings to
Blackstone Group LP for $39 billion in debt and equity at the peak of the
market. Zuckerman’s Boston Properties
reported this week that three buildings it bought from Harry Macklowe in May
lost about $165 million in value. Macklowe was force to sell the three
buildings because he had to repay short-term loans he used to buy eight
buildings from Zell when he left the market. “Zell sold the buildings at the right price at the right
time,” Zuckerman told Bloomberg News.