Pacific Office Properties CEO to Leave Company

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Pacific Office Properties Trust Inc. said Chief Executive Dallas Lucas will leave the struggling Los Angeles real estate investment trust at the end of August.

Lucas is leaving when his employment agreement ends Aug. 31, the company said late Wednesday. The company, an affiliate of Honolulu’s The Shidler Group, said its board has formed an executive search committee to find a successor.

Chairman Jay Shidler will serve as interim CEO if a new one has not been appointed by Aug. 31.

“Dallas has been instrumental in leading the company through its formative period, and we truly appreciate his support and many contributions,” Shidler said in a statement. “We also look forward to the further maturation and growth of the company under the rest of our management team and Mr. Lucas’ successor.”

The REIT, which owns office buildings in Los Angeles, Honolulu, San Diego and Phoenix, last month disputed an assertion by KeyBank National Association that its operating partnership, Pacific Office Properties L.P., had triggered a default on its credit agreement. The partnership had borrowed $3 million under the agreement, but it could not borrow any more.

KeyBank said the default related to the calculation of a financial covenant. Pacific Office said in a regulatory filing it did not agree with KeyBank’s assertion and was continuing discussions with the bank to resolve the situation.

Pacific Office Properties Trust shares were unchanged at $3.80 in midday trading on the NYSE Alternet

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