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CHICAGO-Former Equity Office Properties Trust president and chief executive officer Timothy H. Callahan is collecting on a severance deal worth more than $1.7 million, the equivalent of two years salary. Callahan, who resigned from the helm of the largest US office REIT in April for “personal reasons,” takes over at Trizec Properties in the wake of Christopher Mackenzie’s sudden departure (See:Tim Callahan—Former EOP Chief—NowLeads Trizec Properties ). Although the deal was supposedly confidential between Callahan and Equity Office, it was disclosed in the REIT’s second-quarter report filed with the Securities and Exchange Commission.

Callahan was given the option of collecting the $1.7 million over 18 months beginning in July, or taking a lump sum of about $1.65 million. His choice was not revealed. Callahan’s options on 1.67 million shares of Equity Office stock also are fully vested under terms of the agreement.

Other details of the deal are Callahan cannot lure away former Equity Office colleagues until next July; he cannot make disparaging comments about the company, even to prospective employers; and he gets to keep a company-issued laptop and PDA stripped of proprietary files.

Equity Office Properties took a $6.4-million charge in the second quarter for severance costs related to the departures of Callahan as well as two acquisitions executives who left shortly after he did.

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