Newsmen Buying Real Estate
This is a follow up to the Wall Street & Real Estate blog.
Who are the Wrights and Mortimer Zuckerman? And what do they have in common?
I’ll start with the West coast Wrights. Bagley Wright is a former newspaper man and editor from New York. He moved to Seattle in 1956, started a real estate development company, created a real estate partnership with other developers in town called the Pentagram Corporation and they went on to build the Space Needle.
Now well known as great Seattle art patrons and philanthropists. The Wrights are also known as the Warren Buffets of the art world. They find under-priced art and buy it at the right time. Their art collection is world famous. They are lessor known as seasoned real estate people. But obviously, they are that as well.
Mortimer Zuckerman is also a newspaper guy that started a real estate company or investment trust or REIT called Boston Properties (NYSE-BXP). He owns the U.S. News and Daily World Report and the New York Daily (check out the “positive” Real Estate news).
What these people have in common is that they are former or current news people, seasoned real estate developers buying real estate in a “big” way (refer to Wall Street & Real Estate for description of their recent purchases).
Despite the news!
So, all of you sidelined by the negative real estate news whether you are a first time real estate buyer or investor take note. The newsmen are buying real estate.
P.S. Mortimer Zuckerman’s BXP closed at around $97.76 today. For perspective Microsoft (MSFT) closed at $28.30. I guess real estate does well on the NYSE.