Billionaire Sam Zell is back in charge of a large office real estate investment trust seven years after selling Equity Office Properties Trust for $39 billion.
Zell, 72, was named chairman of CommonWealth REIT after shareholders Friday elected a slate of directors nominated by Related Fund Management LLC and Corvex Management LP. The headquarters will move from Newton, Mass., to Chicago.
“We are appreciative of the overwhelming support of CommonWealth’s shareholders who voted to endorse the vision and experience of this new board and management team,” Zell said in a statement. “With our team in place, we can get to work executing on our goal to create long-term value for our shareholders.”
The new board is considering changing the company’s name and ticker symbol, spokesman Allen Samuel told Bloomberg.