May 7, 2008 |
Maguire Properties Inc., the largest office landlord in downtown Los Angeles, reported a quarterly loss Tuesday as the company continued to cope with heavy debt and questions about who would control it in the future. The real estate investment trust, or REIT, which owns many premier downtown office buildings, has been at the center of a power struggle for several months.
April 29, 2008 |
Downtown Los Angeles skyline boss Robert Maguire, fighting to keep control of the real estate investment trust he founded, on Monday made a complicated offer to buy the company and sell off many of its signature holdings, perhaps including the tallest building in the West. But his offer to buy back Maguire Properties Inc. was quickly rebuffed by key members of the board of directors, who said the proposal had too many ifs.
CALIFORNIA | LOCAL
April 26, 2008 |
An Irvine planning commissioner and a retired police officer sued the city this week, challenging a closed-door "settlement agreement" with a high-rise developer as questions have arisen about the builder's support of City Council members who approved it. The Irvine City Council in January approved the agreement to resolve a dispute with Maguire Properties, a Los Angeles real estate developer known for the 72-story US Bank Tower downtown.
March 29, 2008 |
Maguire Properties Inc., one of Southern California's largest real estate investment trusts, said Friday that it was no longer looking for a buyer. Its stock tumbled 16% on the news. Saying it received no viable acquisition proposals since it began to consider bids in December, Maguire blamed a credit crunch that has made it difficult for private equity investors to obtain financing for buyouts.
February 23, 2008 |
Shares of Maguire Properties Inc., the biggest office landlord in downtown Los Angeles, rose 8.6% on Friday amid speculation that bidders vying to buy the company would raise its value. Since late last year the real estate investment trust based in Santa Monica has been under attack from investors who want Robert Maguire, the 72-year-old chairman and chief executive, to step down or sell the debt-laden company.
February 6, 2008 |
Maguire Properties Inc., a Los Angeles real estate investment trust under siege from some of its largest investors, reported a wider fourth-quarter loss Tuesday as its interest payments ate into earnings. The company's loss climbed to $44.5 million, or 95 cents a share, from a year-earlier loss of $8.77 million, or 19 cents. Funds from operations, a key measure of REITs' performance, fell to $7.76 million, or 14 cents a share, from $32.9 million, or 60 cents, a year earlier.