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Maguire Properties Inc

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BUSINESS
August 4, 2004
* Maguire Properties Inc., another Los Angeles office landlord, reported profit of $4.3 million, or 10 cents a share. The company had revenue of $81.2 million. The company was public for only four days of last year's second quarter, so year-to-year comparisons are invalid.
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BUSINESS
November 3, 2009 | Roger Vincent
Maguire Properties Inc., one of the region's largest commercial landlords, posted a $46.8-million third-quarter loss Monday as the weak economy continued to drag down office rents. The loss of 97 cents a share was an improvement from a year earlier, however, when the Los Angeles real estate investment trust lost $72.5 million, or $1.52 a share, for the three months ended Sept. 30, 2008. Revenue was up 2% to $126.3 million. Maguire is the largest office landlord in downtown Los Angeles.
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BUSINESS
February 21, 2007
Maguire Properties Inc. formally announced that it agreed to buy for $2.88 billion all of the real estate in downtown Los Angeles and Orange County that Blackstone Group acquired in its takeover of Equity Office Properties Trust.
BUSINESS
August 11, 2009 | Roger Vincent
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.
BUSINESS
May 4, 2005 | From a Times Staff Writer
Maguire Properties Inc., the largest owner of downtown Los Angeles office buildings, said first-quarter funds from operations rose 4.1% to $20.2 million, or 47 cents a share. Revenue at the real estate investment trust rose 33%, to $92.4 million, thanks to a 53% jump in rental income.
BUSINESS
April 11, 2007 | From Bloomberg News
Maguire Properties Inc. agreed to sell Pacific Center and Wateridge Plaza in San Diego County for $298 million. Maguire expects the sale of the two office properties to close in the second quarter, the Los Angeles-based company said. Maguire didn't name the buyer. The proceeds will help pay for $2.88 billion in Los Angeles and Orange County buildings that Maguire bought from Blackstone Group.
BUSINESS
January 16, 2004 | From a Times Staff Writer
Maguire Properties Inc., the largest office landlord in downtown Los Angeles, said Thursday that it raised $225 million by selling 9 million shares of preferred stock, 50% more than planned. The company is expected to use the money to buy more properties in Southern California.
BUSINESS
February 28, 2007 | From Bloomberg News
Maguire Properties Inc. appointed Martin A. Griffiths chief financial officer, replacing Dallas Lucas, who is leaving the firm. Lucas resigned from Los Angeles-based Maguire Properties effective March 2 "to pursue other interests," the company said. Griffiths has been executive vice president responsible for operations since July. He previously worked at Deloitte Tax and Arthur Andersen.
BUSINESS
July 29, 2008 | Roger Vincent, Times Staff Writer
Los Angeles office landlord Maguire Properties Inc., which emerged in May from a nearly yearlong takeover battle, reported its third consecutive quarterly loss Monday. The real estate investment trust, or REIT, which owns many premier office buildings in downtown Los Angeles and Orange County, lost $110.6 million in the second quarter. It also saw the departure of founder Robert Maguire in May after the board of directors rejected his bid to buy the company and appointed new managers.
BUSINESS
June 25, 2003 | Roger Vincent, Times Staff Writer
Los Angeles real estate mogul Robert F. Maguire capped a tumultuous drive to take his company public Tuesday, raising nearly $700 million in an initial public stock offering of Maguire Properties Inc. The company sold 36.5 million shares at $19 each, at the low end of the range Maguire was seeking. It will begin trading today on the New York Stock Exchange under the symbol MPG.
BUSINESS
June 16, 2009 | Lauren Beale
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.
BUSINESS
April 14, 2009 | Roger Vincent
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.
BUSINESS
March 28, 2009 | Roger Vincent
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.
BUSINESS
March 3, 2009 | Roger Vincent
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.
BUSINESS
January 16, 2009 | Bloomberg News
Maguire Properties Inc. founder Robert F. Maguire increased his stake in downtown Los Angeles' largest office landlord to 9.8% and said he might seek talks with the company, investors or potential partners. Maguire, 73, who quit Maguire Properties as chairman and chief executive in May, bought 1.56 million shares of the Los Angeles-based company's common stock for about $2.99 million from Dec. 9 through Jan. 13, he said Thursday in a filing with the Securities and Exchange Commission.
BUSINESS
October 28, 2008 | Peter Y. Hong, Hong is a Times staff writer.
Los Angeles office landlord Maguire Properties Inc. reported its fourth consecutive quarterly loss Monday amid a softening commercial real estate market. The owner of premier office buildings in downtown Los Angeles, Orange County and San Diego lost $72.5 million, or $1.74 a share, in the third quarter. Maguire changed leadership in May. Founder Robert Maguire left the firm, though he is still its largest shareholder, and former Catellus Development Corp.
BUSINESS
July 8, 2008 | Roger Vincent, Times Staff Writer
Less than two months after Maguire Properties Inc. ended a power struggle with the appointment of a new chief executive, the Los Angeles office landlord is again under pressure from dissident shareholders. Now two hedge funds have renewed efforts to reshape the company that is the largest owner of premium office space in downtown Los Angeles. Its holdings include US Bank Tower, the tallest building in the West.
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