Richard Ziman, former chairman of Arden Realty, and Timothy Callahan, the former head of Trizec Properties, are seeking to re-enter the real estate investment market by offering shares in blind-pool companies. They are facing stiff headwinds as recent blind-pool sales have a poor track record. "Blind pools have huge negatives and only make sense if they have the perfect management and the perfect opportunity," says Mike Kirby, chairman of Green Street Advisors.

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