Callahan Not Alone in Leaving Equity Office

Callahan's resignation came within two weeks ahead of Equity Office Properties' first-quarter earnings announcement, scheduled for Monday. However, the spokeswoman tells GlobeSt.com the departures of Callahan and his two underlings have one thing in common. "Tim's resignation had nothing to do with the financial fundamentals of this company," she says, adding the same can be said for Ellis and Naus.

Likewise, she says the resignations of Ellis and Naus, who both reported directly to Callahan, are not expected to disrupt Equity Office Properties' current acquisition efforts, which reportedly include a $147-million purchase of 100 and 150 S. Wacker Dr. "It's not like we don't have anyone with that area of expertise," she says, noting David A. Helfand remains as chief investment officer. "We're a very deep management team."

Industry speculation is there may be further management moves at Equity Office Properties, but the spokesperson says she does not anticipate announcements in the near future.

While chairman Samuel Zell has assumed the Callahan role, a transition committee that includes vice chair Sheli Z. Rosenberg and former Spieker Properties co-CEO John A. Foster search for a successor. Callahan made more than $5 million a year in his former post.