Maguire to sell Irvine office tower

Maguire Properties Inc., the biggest office landlord in downtown Los Angeles, said that it agreed to sell a building in Irvine for $112 million and that it would use the proceeds to reduce the company's debt.

The sale of the 11-story office tower on Von Karman Avenue to closely held Hearn Co. will probably be completed in the fourth quarter, Maguire said.

Maguire paid $2.88 billion in April for 24 properties in Los Angeles and Orange County that had been acquired by Blackstone Group when it took over Equity Office Properties Trust. Eight Orange County properties have already been sold by Maguire for about $655 million in two separate transactions.