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New York

CommonWealth REIT axes trustees

Move marks victory toward Corvex Management, Related Companies’ aim to oust management

Sam Zell
Sam Zell

All of CommonWealth REIT’s trustees have been removed following a two-thirds shareholder vote in favor of the board’s ouster.

The move is a feather in the cap of Corvex Management LP and the Related Companies, who collectively own 9.6 percent of the REIT’s shares and have been jockeying for the board’s ouster for a year now. The activists want a new board with billionaire Sam Zell at the helm, along with Zell’s Equity Group Investments co-president David Helfand.

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Should they be chosen, the duo have agreed to serve as chairman and chief executive officer of the Newton, Massachusetts-based REIT respectively.

Zell is also a lead investor in Par Petroleum Corp., one of Select Income REIT’s largest tenants. Select is 44 percent-owned by the Newton, Massachusetts-based CommonWealth, as previously reported. [Bloomberg] — Julie Strickland

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Sam Zell