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Strategies & Market Trends : Take the Money and Run

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To: Challo Jeregy who wrote (13216)	8/5/2002 6:10:46 PM
From: Alan Smithee	Read Replies (1) of 17639

Sam Zell, big RE mogul, says the housing market is a bubble waiting to burst Let me tell you about Sam Zell, RE mogul. Our firm had offices in one of downtown Seattle's premier office buildings, owned by Equity Office, Sam Zell's outfit. Our lease was up a year ago, August 31. When the time came to renegotiate the lease, Sam's people gave us what amounted to a high, take-it-or-leave-it offer. They displayed incredible arrogance and unwillingness to negotiate. We moved out, as did quite a few other tenants. Sam's people now find themselves with a huge office building that by some reports has a 30% vacancy rate. They can't give the space away. Sam might be right that the housing market is about to burst, but I wouldn't count on his timing being 100%.

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