Equity Office reports 25% drop in FFO in first quarter

Crain's Chicago Business reports on the largest publicly traded office building owner:

today's rents in some markets are not as high as they were about six years ago. Equity Office is still burning off top-of-the-market leases made in 1999 and 2000 in places such as San Francisco, and replacing them with current market leases, which call for lower rents.