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Private talk around Zell office REIT; Equity Office's assets worth more than stock.(Sam Zell of Real estate investment trusts)
Crain's Chicago Business, June, 2006 by Gallun, Bay
Byline: ALBY GALLUN Sam Zell's flirting has Wall Street talking. After building Equity Office Properties Trust into the nation's biggest real estate investment trust (REIT), Mr. Zell triggered speculation in April about the publicly traded firm's future by acknowledging a "flirtation'' with the California Public Employees Retirement System (Calpers).
The news left analysts pondering the prospect that Chicago-based Equity Office could join the privatization wave sweeping the REIT industry by selling out to a big pension fund or private-equity firm. Such a transaction could make sense, because the company's net assets-which include the Chicago Mercantile Exchange and Civic Opera buildings on Wacker Drive-are worth more than the sum of its shares. Green...
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