Spieker Bosses Leave EOP Board to Launch Company

CHICAGO-Former Spieker Properties Inc. co-CEOs John A. Foster and Craig G. Vought have resigned from Equity Office Properties Trust’s board of trustees to launch a new company, Broadreach Capital Partners. The company will be based in Palo Alto, CA, and pursue commercial real estate investments in the Western US, where Spieker Properties focused its operations before being acquired by Equity Office Properties Trust.

Although the largest US office REIT says it has no immediate plans to fill the two spots on its board, James D. Harper Jr. replaces Vought on its audit committee.

Foster and Vought have been on the Equity Office Properties Trust board since the $7.2-billion merger of their company with the larger REIT. Equity Office Properties Trust expanded its board from 13 to 16 members, adding the co-CEOs as well as former company chairman Ned Spieker.