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Maguire Properties to Buy L.A. High-Rise

California

September 13, 2003|Roger Vincent | Times Staff Writer

Los Angeles real estate investment trust Maguire Properties Inc. has agreed to buy One California Plaza, a Bunker Hill high-rise in a deal valued at $225 million.

Metropolitan Life Insurance, also known as MetLife Inc., is selling the mirrored 42-story tower at the northeast corner of 4th Street and Grand Avenue in downtown Los Angeles, industry sources said Friday. It was built in 1985.

If completed, the deal would break down to $236 a square foot, close to the record price for a downtown office building of $240 a square foot paid by Mani Bros. last month for 801 Tower on Figueroa Street.

The purchase would give Maguire Properties ownership of five major downtown skyscrapers including KPMG Tower, Wells Fargo Tower, Gas Co. Tower and U.S. Bank Tower (formerly Library Tower).

One California Plaza has 953,367 square feet of office space and is 95% occupied, according to real estate data provider CoStar Group. Tenants include J.P. Morgan Chase & Co. and Bank of the West.

Officials at Maguire Properties and Metropolitan Life declined to comment.

The acquisition would be Maguire's second since its initial public stock offering in June, which raised nearly $700 million. Maguire shares Friday fell 2 cents to $19.93, while MetLife fell 24 cents to $28.44, both on the New York Stock Exchange.

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