The Maguire board has also named two other Rising RealtyPartners executives to posts with the REIT, Douglas Gardner as anexecutive vice president and Rising's son Christopher Rising as asenior vice president. It has named Walter Weisman as chairman ofthe board, succeeding Maguire. The board has named Maguire to thenewly created title of chairman emeritus, a position that "does notentitle Mr. Maguire to any authority or responsibility with respectto the management or operation of the REIT," according to a publicfiling by Maguire this morning.

The executive shakeup follows a recent bid by Rob Maguire toacquire 75% of the company he founded after the REIT sought anoutside buyer but could not find one. His bid was rebuffed by aspecial committee that was formed last year to look for buyersafter pressure from shareholders to improve the REIT'sperformance.

Maguire has withdrawn that bid, which he offered to finance byselling all of the office REIT's properties except its OrangeCounty holdings. The Orange County holdings are considered causefor concern because that county's office market has sufferedtremendously from the subprime mortgage meltdown.