CHICAGO, Nov. 1 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) today announced that it has entered into an employment
agreement with Mr. Larry Schafran, pursuant to which Mr. Schafran will
continue to act as Banyan's interim president and chief executive officer.
Banyan appointed Mr. Schafran to the position on August 14, 2000, following
the suspension of Leonard G. Levine. Banyan also announced that Mr. Schafran
was elected Chairman of its Board of Trustees on October 13, 2000. Mr.
Schafran is an experienced real estate investor and executive with extensive
experience selling and liquidating large real estate portfolios. Mr.
Schafran's employment agreement extends until February 13, 2002, unless sooner
terminated by Mr. Schafran or Banyan. In light of the Trust's decision to
seek a buyer for all of its assets, Mr. Schafran's contract contains
provisions designed to incentivize his performance during a sale period.
These incentive payments do not take effect unless the sale proceeds
distributed to the Trust's shareholders exceed $6.25 per share or unless
the Trust distributes sale proceeds exceeding $6.00 per share no later than
March 31, 2001.
Banyan also announced that it has entered into new employment agreements
with its vice president, general counsel and secretary, Robert G. Higgins, and
its executive vice president and chief financial officer, Joel L. Teglia.
These agreements are designed to ensure that Banyan retains the services of
these key individuals during a sale period.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. These
properties are located in certain major metropolitan areas of the Midwest and
Southeastern United States, including Atlanta, Georgia and Chicago, Illinois
and smaller markets such as Huntsville, Alabama, Louisville, Kentucky,
Memphis, Tennessee and Orlando, Florida. Banyan's current portfolio consists
of 27 properties totaling 3.5 million rentable square feet. As of this date,
Banyan has 14,244,829 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties that are detailed from time to time in
our reports filed with the Securities and Exchange Commission, including
the report on Form 10-K for the year ended December 31, 1999 and in the
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" section which was included in our Form 10-Q for the quarter ended
June 30, 2000 which was filed with the Securities and Exchange Commission
on August 14, 2000. Without limitation the foregoing, words such as
"anticipates," "expects," "intends," "plans," and similar expressions are
intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
For further information regarding Banyan free of charge via fax, dial
800-PRO-INFO and enter "BSRTS."
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, 312-683-5539, email, bhiggins@banyanreit.com, of Banyan
Strategic Realty Trust, or Investor Relations, Karen Dickelman,
312-683-3671, email, ir@banyanreit.com, both of Banyan Strategic
Realty Trust
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