Real estate developer Maguire Properties Inc. announced that its founder Robert F. Maguire III abnegated his bid for the company and quit.
Maguire’s successor and new CEO will be Nelson Rising, former executive at Maguire Thomas Partners. He will get a salary of $950,000 and a bonus of up to 300 percent of that salary. Walter L. Weisman was named chairman.
The company also suspended quarterly dividend payments. The shares fell as much as 6.3 percent in New York.
Maguire Properties Inc last month rejected a $745 million buyout from Robert Maguire. But as the special committee was dismissed the board is no longer considering a sale.
Maguire Properties has been developing industrial properties since 1977, and has renovated and filled over 4,000,000 square feet of commercial and industrial space. The properties currently house hundreds of tenants, ranging from industrial to residential, and the portfolio continues to grow.
Recent projects include the successful redevelopment of several high profile City properties such as the former Downtown Post Office/Somerville Packaging building (400,000 sq. feet), the Hungerford building (210,000 sq. feet), the old General Motors/Delphi building (412,000 sq. feet), and most recently, the former Valeo plant on Lyell Avenue (1,500,000').