Sam Zell, the legendary investor who pioneered the modern real estate investment trust and has been a leading voice in commercial real estate for decades, has died. He was 81. 
The multifamily REIT he founded, Equity Residential, announced Zell’s death in a press release Thursday but didn’t give a cause of death. Equity’s board has appointed David J. Neithercut, its former CEO and a board member since 2006, to replace Zell as chairman. 
“The world has lost one of its greatest investors and entrepreneurs,” Equity Residential President and CEO Mark Parrell said in a statement. “Sam’s insatiable intellectual curiosity and passion for deal making created some of the most dynamic…