The Maguire board has also named two other Rising Realty Partners executives to posts with the REIT, Douglas Gardner as an executive vice president and Rising's son Christopher Rising as a senior vice president. It has named Walter Weisman as chairman of the board, succeeding Maguire. The board has named Maguire to the newly created title of chairman emeritus, a position that "does not entitle Mr. Maguire to any authority or responsibility with respect to the management or operation of the REIT," according to a public filing by Maguire this morning.

The executive shakeup follows a recent bid by Rob Maguire to acquire 75% of the company he founded after the REIT sought an outside buyer but could not find one. His bid was rebuffed by a special committee that was formed last year to look for buyers after pressure from shareholders to improve the REIT's performance.

Maguire has withdrawn that bid, which he offered to finance by selling all of the office REIT's properties except its Orange County holdings. The Orange County holdings are considered cause for concern because that county's office market has suffered tremendously from the subprime mortgage meltdown.