G&L; Executives Offer to Buy Outstanding Shares

G&L; Realty Corp. said Chief Executive Daniel M. Gottlieb and president Steven D. Lebowitz have offered to buy the outstanding common stock they do not own for an estimated $13.3 million in cash. The $10-a-share offer for the Beverly Hills-based real estate investment trust represents a nearly 30% premium to trading price in recent days. A spokesman for G&L;, which owns medical office buildings and health-care facilities, said a special committee formed by its board will review the offer. Gottlieb and Lebowitz own about 29% of the company’s shares but can boost their combined holdings to 43% by converting other securities to G&L; common stock. The two executives founded the firm in 1967, and it became a real estate investment trust in December 1993. On the NYSE, shares rose 13 cents to close at $8.13. The announcement about taking the company private was made after the U.S. markets closed.