Maguire Properties Inc., the largest office landlord in downtown Los Angeles, rejected a request Monday from Boston-based Winthrop Realty Trust to buy a larger stake in the real estate investment trust.
After Winthrop announced its intentions, shares of Maguire jumped as much as 92% to $1.73 before closing at $1.25, up 35 cents.
Los Angeles-based Maguire declined Winthrop's bid after the market closed.
Winthrop, also a real estate investment trust, already owns 9.5% of Maguire's stock and hoped to increase its share to as much as 25%, according to filings with the Securities and Exchange Commission.
Maguire lost $96.3 million, or $2.02 a share, in the fourth quarter as it struggled with heavy debt and an unforgiving office rental market.