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SAN FRANCISCO, CA-Catellus Development Corp. chairman and CEO Nelson C. Rising is exercising options for 350,000 shares of company stock. The options are set to expire at the end of the month.

According to a company announcement, the transaction will be a “cashless exercise,” which involves the selling of only that number of shares necessary to pay the exercise price — which was not immediately available — and all applicable taxes. Once the options are exercised, Rising will have options to purchase an additional 2.65 million shares.

Rising’s current employment agreement extends until December 31, 2004.Shares of Catellus were trading for $17.83 apiece in afternoon trading Monday, up 68 cents from Friday’s close.

San Francisco-based Catellus owns a portfolio of rental properties totaling 29.2 million sf and one of the largest portfolios of developable land in the Western United States, capable of supporting over 47 million sf of new commercial development and an estimated 12,800 residential lots and units.

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