LOS ANGELES-Thomas Properties Group on Tuesday rebuffed a bid by a San Fernando Valley-based investment group to enter talks about taking the Downtown L.A.-based office landlord private, a bid that revolves around the question of asset values and also runs counter to the current IPO trend among commercial real estate companies, industry analysts say. The Weisman Family Foundation and five individual stockholders filed SEC documents and sent a letter to Thomas officials this month stating that Weisman believes the Thomas stock is undervalued and asking to meet with the company’s board to discuss the possibility of taking Thomas private.

A statement by Thomas Tuesday said that its board “reviewed the unsolicited indication of interest” by the stockholders led by Weisman and “does not believe that it is the right time to entertain discussions of the nature suggested in the Weisman Group’s letter.”

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