there are far too many office reits in the middle market; with their duplicative staffs, inefficient credit and reporting costs, and gaggle of lawyers, accountants, directors, etc.
a consolidation of 3 to 5 $1 - 1.5 billion market cap office reits would create a viable instituion with much lower costs - of operations, management, and capital
They could then pare the non-institutional properties, firm up a balance sheet, and act as a real competitor for institutional capital. They could also increase their aggregate FFO and command a higher stock price.
But, some cranky old self-styled real estate magnate would have to give up his corner office, and the secretary with the long legs and short skirt.