By Daniel Loeb’s standards, activist hedge fund Third Point’s regulatory filing on Maguire Properties was quite mild. But it cannot have made management at the Los Angeles-based real estate investment trust especially happy.

The New York-based hedge fund, which owns a 8.8% stake in Maguire, expressed its concern about a third party’s offer for Maguire falling by the wayside, and warning that it might not support the board if it does not act to maximize shareholder value.

“While a board of directors certainly has the right to determine whether it wants to sell the company it oversees, shareholders have the right to choose a board of directors whose interests are aligned with their own,” Third Point said in the filing.

Maguire has said it continues to consider strategic alternatives for the company, but has ruled out a sale in the current credit market.

Third Point said a third party had offered $20 per share, or about $960 million, for Maguire, but later withdrew the offer. The hedge fund said that offer could be converted into a “fully-financed, unconditional” offer if Maguire followed certain steps.