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Zeckendorf’s autobiography was packed with colorful stories, but what fascinated me most was his strategy. Zeckendorf viewed assets as a sum of parts… - Sam Zell
" "Zeckendorf’s autobiography was packed with colorful stories, but what fascinated me most was his strategy. Zeckendorf viewed assets as a sum of parts, so he could increase the value of the whole. Various parts were more valuable to different buyers, so Zeckendorf could maximize the value of his holding overall, in effect making 1 + 1 = 3. For example, One Park Avenue in Manhattan, which the marketplace had valued at $10 million, was ultimately worth $15 million in Zeckendorf’s hands. He calculated everything separately — the building’s title, the land, the leases, the individual mortgages. I thought this was brilliant. I adopted the approach both inside and, later, outside of the real estate industry.
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I knew what the Equity Office portfolio was worth. And I knew we were undervalued by Wall Street. Every quarter, the management team would do an in-depth analysis of every asset in the portfolio to develop a real-time valuation. The most reliable measure of our buildings’ value remained — and had always been, in my opinion — replacement cost. Replacement cost mattered more to me than rents or comparable prices or vacancies or economic growth or stock price. This was because replacement cost determined the price of future competition.
In emerging markets, a big clue to national stability is whether a country is on the verge of investment-grade rating. Early on, I came to the conclusion there’s no other time in the life of any country when it’s more disciplined and more transparent than when it’s a year or two away from reaching investment-grade status.
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So I called Merrill Lynch and said, “I want to create an opportunity fund wherein investors put up cash to become my partners in the purchase of distressed real estate.” No one, including me, had done this kind of fund before, but they thought it was a great idea. They put up 5 percent of the first fund’s target and said they’d raise the balance of the capital. Six months later, we still had no commitments. Not one. So I took over the process and hit the road — from May 10 through June 30, 1989. I found that to raise money, I had to do it personally. I traveled with Merrill forty-two of those fifty-two days and did every single presentation — typically three to four a day in different cities.
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