Maguire Properties, Inc. (NYSE: MPG), a Southern California-focused real
estate investment trust, today announced that it has completed a deed in
lieu transaction of Park Place I office featuring 1.7 million square
feet and the sale of certain parking areas and development rights within
the Park Place campus in Irvine, California.
Proceeds from the sales were approximately $17.0 million and will be
used for general corporate purposes.
Nelson Rising, Maguire’s President and Chief Executive Officer, said,
“We are extremely pleased with the swift and timely execution of these
transactions which represents another step in our program of working
cooperatively with lenders. As previously stated, the Company’s Board of
Directors approved a plan to dispose of a number of identified assets
including Park Place I. The Company moved quickly with the lender to
achieve a satisfactory result for all parties.”
About Maguire Properties, Inc.
Maguire Properties, Inc. is the largest owner and operator of Class A
office properties in the Los Angeles central business district and is
primarily focused on owning and operating high quality office properties
in the Southern California market. Maguire Properties, Inc. is a
full-service real estate company with substantial in-house expertise and
resources in property management, marketing, leasing, acquisitions,
development and financing. For more information on Maguire Properties,
visit our website at www.maguireproperties.com.
Business Risks
This press release contains forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ
materially. These risks and uncertainties include: risks associated with
loan defaults; general risks affecting the real estate industry
(including, without limitation, the inability to enter into or renew
leases at favorable rates, dependence on tenants’ financial condition,
and competition from other developers, owners and operators of real
estate); risks associated with the availability and terms of financing
and the use of debt to fund acquisitions and developments; risks
associated with our ability to dispose of properties, if and when we
decide to do so, at prices or terms set by or acceptable to us; risks
associated with the potential failure to effectively manage our growth
and expansion into new markets, to identify properties to acquire, to
complete acquisitions or to integrate acquisitions successfully; risks
and uncertainties affecting property development and construction; risks
associated with downturns in the national and local economies, increases
in interest rates, and volatility in the securities markets; risks
associated with joint ventures; potential liability for uninsured losses
and environmental contamination; risks associated with our potential
failure to qualify as a REIT under the Internal Revenue Code of 1986, as
amended, and possible adverse changes in tax and environmental laws; and
risks associated with our dependence on key personnel whose continued
service is not guaranteed.
For a further list and description of such risks and uncertainties, see
Securities and Exchange Commission filings. The Company does not update
forward-looking statements and disclaims any intention or obligation to
update or revise them, whether as a result of new information, future
events or otherwise.
Maguire Properties, Inc.
Peggy Moretti
Senior Vice President,
Investor and Public Relations
213-613-4558
