The TV drama ‘Succession’ lives on
The TV drama ‘Succession’ lives on
Real estate is setting itself up for some real-life “Succession” sequels.
As more property moguls from the Baby Boomer generation (or the Silent Generation before it) step down, questions about who will inherit their thrones loom large. Some transitions have been surprisingly drama free — and not necessarily about the kids.
Recently, Sam Zell, the contrarian billionaire investor who died last month at 81. Zell was as brash as Logan Roy — known for his audacious deals and irreverent persona, which included his love of motorcycles.
He was a pioneer building Equity Real Estate, which included two large buildings in Boston’s West End.
One of his major accomplishments was taking real estate companies public through REITs, championing the sector and contributing to its growth into a trillion-dollar business. And he earned the nickname “the grave dancer” for his love of snapping up distressed deals.
Given all that, the successors at his biggest REITs — longtime execs from outside his family — were named the day after he died, with little fanfare. Stock prices budged only slightly. Sometimes Frank and Gerri end up with the top job.
What Succession teaches us about power