August 11, 2009 |
Maguire Properties Inc., one of the region's largest commercial landlords, posted widening losses Monday and said it was about to default on seven prime office buildings in Los Angeles and Orange counties. The real estate investment trust lost $375.7 million, or $7.95 a share, during the second quarter, more than twice the $105.9 million lost during the same period in 2008. It is defaulting on loans worth more than $1 billion. Maguire Properties hopes that by giving back the keys to properties for which it overpaid at the peak of the last boom, it can reduce debt enough to keep the company solvent, Chief Executive Nelson Rising said in an interview Monday.
June 16, 2009 |
Maguire Properties Inc., L.A.'s largest office building owner, has sold a newly built 19-story office tower on the Park Place campus in Irvine at a loss as part of ongoing efforts to reduce its debt. The buyer of 3161 Michelson Drive was the Emmes Group of Cos., a New York real estate investment firm whose chief executive, Andrew Davidoff, confirmed the purchase for $160 million.
May 6, 2009 |
Nearly a year and a half into the recession, downtown Los Angeles' largest office landlord is getting squeezed by shrinking demand for rental space and struggling under a stack of debt. Maguire Properties Inc., which owns the U.S. Bank Tower, Wells Fargo Center and other signature L.A. buildings, faces a tough road, according to analysts who study the firm's stock, as the economy continues to pummel the market for commercial real estate. The company, founded by developer Robert F.
April 14, 2009 |
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.
March 28, 2009 |
Struggling office landlord Maguire Properties Inc. sold an Orange County building Friday for $22 million to one of the tenants at the Irvine complex, pharmaceutical company Allergan. Allergan, which makes Botox, eye-care solutions and other products, bought the building at 18581 Teller Ave. in a deal that allowed it to take over Maguire's $20-million mortgage on the property. The 88,000-square-foot building is part of Allergan's headquarters campus.
March 3, 2009 |
Los Angeles office landlord Maguire Properties Inc. more than doubled its loss in the fourth quarter of 2008 as it grappled with a softening commercial real estate market and wrote down the value of an Orange County building it hopes to sell. Revenue was also down from a year ago but improved slightly from the third quarter, which was a spot of good news for the real estate investment trust that owns some of Southern California's most recognizable buildings, including the U.S.