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CHICAGO-With attractive office properties remaining scarce, Equity Office Properties Trust is nearly doubling its stock repurchase program to $1.1 billion, and extending it into next May. The largest US office REIT’s board of trustees gave the company’s management team authority to buy back an additional $500 million in common stock.

Equity Office Properties has paid $597 million to buy 23.5 million shares, including $36.6 million so far this year for 1.4 million shares.

So far this year, Equity Office Properties has spent more than $150 million on acquisitions, almost all of it buying out partners in 1301 Avenue of the Americas in New York City.

“Our shares continue to offer us an attractive investment opportunity in today’s market,” says president and chief executive officer Richard D. Kincaid. “We plan to execute the program primarily with proceeds from asset sales, and do not anticipate borrowing to fund share repurchases.”

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