PHILADELPHIA-CommonWealth REIT, which owns the BNY Mellon Center and One Franklin Plaza here, is facing some shareholder discord and could face a battle for control of the company.
The Newton, MA-based REIT after releasing its 2012 financial results on Monday that included plans to raise $450 million in additional shares, was criticized by two of its largest shareholders- Related Cos.’ Stephen Ross and Corvex Management LP, which urged the company to change its management structure, buy back stock, and deleverage its balance sheet. They later filed a letter with CommonWealth’s Board of Trustees stating their interest in offering $25 for all outstanding shares of the company, a bid worth nearly $1.9 billion, The Inquirer reports.
CommonWealth owns a total of 4.60 million rentable square feet of office space in Center City. See story in The Inquirer.