UPDATE: Equity, Spieker Close $7.3-Bil Merger

SAN FRANCISCO-In conference calls this afternoon, Equity Office Properties Trust officials said they plan to retain and add to office holdings in its top 20 markets — significantly beefed up by its just-closed, $7.3-billion merger with Spieker Properties — while shedding office holdings in other markets and completely divesting itself of the 12.2 million sf of West Coast industrial properties also acquired in the Spieker merger.

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.