The JMB letter asks that Maguire himself not serve on thecommittee. It asks Maguire to give JMB two seats on the REIT'sboard and to appoint those two JMB board members to thecommittee.

Maguire officials had no comment on the JMB filing, which saysthat JMB has acquired 2.5 million shares of Maguire stock for anaggregate of $63.1 million in recent months. The filing says thatJMB believes Maguire's shares are substantially underpriced becausethe value of the underlying buildings that the REIT owns is greaterthan its market capitalization.

"There is little debate that the net asset value of the companyis substantially higher than current stock price levels," JMB'sletter says. Citing various analyses that peg the value of Maguireat prices ranging from $33 to $46 per share, JMB says that thecurrent trading price of Maguire's shares reflects a discount ofmore than 29% to the average of analysts' estimates of the netasset value of the company's portfolio.