Jonathan Litt, founder of activist investor Land & Buildings Investment Management, has withdrawn his nomination to join the board of First Industrial Realty Trust Inc., according to Bloomberg Markets. Litt stated the move allows him to press for change more effectively from outside the boardroom. The withdrawal removes a potential point of contention for the REIT, which manages a portfolio of industrial properties across North America.

Litt's decision signals a strategic pivot, focusing his efforts on influencing First Industrial's strategy without the formal board role. This development removes immediate pressure on the company's leadership while leaving the activist's agenda for external advocacy. First Industrial Realty Trust Inc. now faces its governance challenges without the prospect of direct board intervention from this prominent investor. The market may view this as a de-escalation, though Litt's ongoing criticism could still impact investor sentiment.