LOS ANGELES-The $740-million battle for control of locally based real estate services giant CB Richard Ellis has overshadowed another effort to take over one of the area’s other publicly held real estate companies–little-known and lightly traded G&L Realty Corp.

G&L, based in Beverly Hills, is a public real estate investment trust whose stock is traded on the New York Stock Exchange under the symbol GLR. On an average day, only about 2,000 of its outstanding common shares change hands.

To be sure, no one will ever confuse tiny G&L, which posted revenue of $34 million last year, to mighty CB Richard Ellis, which recorded $1.2 billion in 1999 worldwide revenue. Yet, the efforts to take over the companies bear some similarities.

In G&L’s case, CEO Daniel M. Gottlieb (he’s the “G” in G&L) and president Steven D. Lebowitz (the “L”) recently offered to pay $10 a share for the 71% of outstanding common stock that they don’t already own. Likewise, some of CB Richard Ellis’ top brass are part of the group that’s trying to take their firm private by buying the 62% of shares their own group doesn’t control.

Also like CB Richard Ellis, G&L has formed a special committee of its board to weigh their buyout offer. But while there’s no quick end in site for the takeover battle at CB Richard Ellis, G&L could be taken private fairly quickly. While Gottlieb and Lebowitz already own 29% of the company’s outstanding shares, they would automatically own 43% if they simply convert the operating partnership units they own.

Though 43% would fall short of a majority interest, it wouldn’t take the two men much to buy the relatively few more shares needed to gain control. Other shareholders have also benefited in recent months: G&L’s stock closed at $9.62 a share Friday, up nearly 50% from its 52-week low of $6.50.

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