The merger, announced in February and approved by shareholders this morning, grows EOP's holdings from 99 million sf in 380 buildings to 125 million sf in 670 buildings. EOP received 82% voter approval and Spieker received 74% voter approval, according to EOP officials. The combined entity will operate under the Equity Office name and out of Equity's existing headquarters in Chicago.

EOP's senior vice president of investor relations Diane Morefield said in a conference call that of the approximately 580 Spieker employees, 350 are being retained and 250 are being let go. Most of those being retained are field personnel who will lease and manage buildings, says Morefield. Most of those being let go are from Spieker's Menlo Park headquarters, she says.

By incorporating the Spieker assets, EOP secures its position as the first or second largest office building owner in nine of its 10 top markets, which include Boston, Chicago, Seattle, San Francisco, Atlanta, Los Angeles, San Jose, Orange County; Washington, D.C. and New York. Morefield says the merger has the most impact on its Seattle, San Francisco, San Jose, Los Angeles and Orange County markets.