Former Chicago-area real estate executive sues investor, firms for $1 million

A former real estate executive with Sam Zell is suing the billionaire investor and two private holding companies, alleging that he is owed more than $1 million for work on various deals.

Beginning in 1989, Gary Beller worked for various companies controlled by Zell, including as executive vice president for parking facilities for Equity Office Properties Trust, Zell's public office building real estate investment trust.

Beller alleges he was never paid his share of the profits for several deals he worked on for Zell, including a downtown parking garage, a hotel company and a land development firm, according to the complaint filed in Cook County Circuit Court.

"The entire complaint is simply without factual or legal merit," said attorney David Bradford, a partner with Chicago-based Jenner & Block LLP, which represents Zell and the private holding companies. "Mr. Beller was very well compensated for the work he did."

Beller is now president of his own real estate firm.

Beller alleges he was promised a $1 million bonus payment and 2.5 percent of the annual cash flow of the Washington Madison Wells parking garage in the Loop.

Although Zell is named personally as a defendant, the complaint does not specifically accuse him of any wrongdoing.

Instead, Bell alleges that the billionaire worked through two longtime top Zell executives, Shelli Z. Rosenberg and Gerald Spector. Rosenberg is a director of Equity Office and Equity Residential, Zell's apartment REIT, while Spector is executive vice president and chief operating officer of Equity Residential. Zell is chairman of both REITs.