November 17, 2009 |
Maguire Properties Inc., one of the region's largest commercial landlords, has been hit with a legal complaint by Bank of America Corp. seeking to foreclose on one of Maguire's prime Irvine office buildings. The bank's bid to appoint a receiver to sell the 16-story tower near John Wayne Airport wasn't surprising because Maguire said in August that it would stop making payments on it and six other properties. Still, the move to foreclose is significant in that it is among the first of a wave of defaults, write-downs and workouts anticipated as part of a long-awaited bottoming out of the commercial real estate market, industry observers say. After being stuck in place for nearly 18 months, the business of buying and selling properties such as offices, warehouses and shopping centers is expected to begin a purge in the months ahead as owners and lenders accept losses and move on. Office and retail properties will take the biggest hit as worried consumers curb spending and companies delay rehiring, according to a study released this month by consulting firm PricewaterhouseCoopers and the Urban Land Institute, a real estate industry trade group and think tank.
February 10, 1985
As stupid as it sounds, you are 100% right--I would not have read those pages unless "a reporter's curiosity nudged" me. (Hearst Castle story, Jan. 27.) Many, many thanks for the nudge and the article. More people than I would ever have imagined read the Times real estate section. All comments confirm the warmth and human interest that you put into the story. I think I'll read the rest of those old papers. WILLIAM LOORZ President, Stolte Inc. Bank's Role Cited We appreciated the story (Feb.
February 7, 1997 |
One of the biggest hurdles holding up the beleaguered Playa Vista/DreamWorks movie studio development was crossed Thursday when developer Maguire Thomas Partners agreed to negotiate exclusively with a Los Angeles-based financier aiming to arrange $200 million in financing. The developer said it will team with Pacific Capital Group, which beat out such competitors as Wall Street firms Morgan Stanley and Goldman, Sachs & Co. to form a new partnership to develop Playa Vista.
November 1, 1996 |
Call it a DreamWorks deferred. The much-touted Playa Vista project near Marina del Rey where Steven Spielberg, David Geffen and Jeffrey Katzenberg want to build a state-of-the-art lot for their fledging studio is running into lengthy delays, raising concerns in some quarters that it will never get off the ground. The frustration of the three has grown to the point where they've started checking out potential sites as a contingency plan, sources say.
CALIFORNIA | LOCAL
June 17, 2005 |
Robert F. Maguire Jr., the commercial pilot from Oregon who was dubbed the "Irish Moses" for helping fly tens of thousands of Jewish refugees through hostile territory from Yemen to Israel in 1949, has died. He was 94. Maguire died of natural causes June 10 at his home in Northridge, his family said.
July 3, 1999 |
Faced with the loss of its star tenant, DreamWorks SKG, the owners of the giant Playa Vista development must now rely on the man once regarded as their chief adversary: developer Robert F. Maguire. Playa Vista officials said Friday that Maguire--head of Los Angeles-based Maguire Partners--now has the right, under the terms of the contract with Playa Vista, to develop 114 acres of commercial space--including the site where DreamWorks SKG was to build its studio and headquarters.