Pacific Office REIT Surges on Scrapped IPO

SANTA MONICA, Calif. ( TheStreet) -- Pacific Office Properties Trust ( PCE), a real estate investment trust, saw its shares surge nearly 100% Wednesday after saying it will no longer attempt an initial public offering on the New York Stock Exchange.

Pacific Office Properties Trust, a REIT with office properties in Honolulu and the western United States, including southern California and the greater Phoenix metropolitan area, said it will not go ahead with plans to transfer the listing of its common stock to the NYSE.

The office REIT also scrapped plans for a reverse stock split of its common stock "at this time."

"These actions were planned in connection with a public offering of common stock that the Company has elected not to continue due to adverse market conditions," Pacific Office Properties Trust said in a statement.

Pacific Office Properties Trust surged 90.3% to $3.88 in morning trading, off earlier highs. The stock traded in a range of $3.17 to $4.40 on much heavier-than-normal volume.

Nearly 371,000 shares were in play, compared with their average daily trading volume of just 39,000.

-- Written by Miriam Marcus Reimer in New York.

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