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.

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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.

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Maguire has withdrawn that bid, which he offered to finance byselling all of the office REIT's properties except its OrangeCounty holdings.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.

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Along with naming a new executive team, the Maguire board hassuspended the company's dividend, a move that analysts haveconsidered inevitable in light of mounting losses. For the latestquarter, the REIT reported a loss of $48.6 million, or $1.03 pershare, compared to a net loss of $12.6 million and 27 cents pershare for the quarter ended March 31, 2007.

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Nelson Rising, before his 11-year tenure with Catellus, spent 10years as a senior partner with Maguire Thomas Partners, apredecessor to Maguire Properties. He is also a former chairman ofthe board of the Federal Reserve Bank of San Francisco and chairmanemeritus of the Real Estate Roundtable.

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The public filing by Maguire this morning says that NelsonRising will receive an annual base salary of $950,000, Gardner willbe paid $450,000 and Christopher Rising's salary will be $325,000,subject to increases and bonuses. As chairman emeritus, Maguirewill receive a lump-sum cash payment of $2.8 million and will bepaid "$750,000 per year to defray the costs of maintaining anoffice in a location other than the REIT's offices and the cost ofservices of two assistants and a driver," according to thismorning's filing.

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