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

A statement by Thomas Tuesday said that its board "reviewed theunsolicited indication of interest" by the stockholders led byWeisman and "does not believe that it is the right time toentertain discussions of the nature suggested in the WeismanGroup’s letter."

Thomas Properties stock was trading at $2.58 in early June whenWeisman sent its letter, which said that it considered Thomas to beworth at least $3.75 per share. Thomas stock has risen since thenand was trading at $3.29 Tuesday afternoon. The stock could beworth far more than that, however, according to a research reportby Milwaukee-based Robert W. Baird & Co., which states a targetprice of $6 for the stock and gives it an "outperform" rating,meaning that the stock is expected to outperform the broader USequity market over the next 12 months.