Merrill Lynch executive William F. Murdoch,
Jr. is named president to replace the
retiring Coburn as president of the
company. At year-end, the company
owned 59 net-leased properties
in 21 states. The largest tenant, W.T. Grant
with 11 locations and occupying 1.6 million
square feet owned by the company, files
for bankruptcy. It would take until 1977 for
all of the W.T. Grant properties
to be re-leased.

Charles J. Urstadt is named one of two
new directors of the company. Urstadt
was a former New York State Housing
Commissioner and chairman of the
Battery Park City Authority. Urstadt had
also owned the real estate brokerage
Douglas L. Elliman Company and later
became chairman and president of the
commercial real estate f