Maguire Properties, Inc. Completes Sale At Park Place In Irvine, California
August 11, 2009 |
| Maguire Properties, Inc. announced that it has completed a deed in lieu transaction of Park Place I office featuring 1.7 million square feet and the sale of certain parking areas and development rights within the Park Place campus in Irvine, California. Proceeds from the sales were approximately $17.0 million and will be used for general corporate purposes. |
Maguire Properties, Inc. Provides Update On Asset Initiative
August 10, 2009 |
| Maguire Properties, Inc. announced that its Board of Directors has approved management's plan to seek to dispose of four former EOP/Blackstone assets and two other assets in cooperation with lenders as well as Park Place I and certain parking areas and development rights. The Company has contacted the master servicers of the mortgage loans encumbering the properties named above and has apprised them that it will no longer continue to fund the cash shortfall associated with the respective mortgages. The Company intends to work cooperatively with the master and special servicers and has expressed a willingness to continue to manage the properties until such time the CMBS special servicer appoints a receiver. |
Mr. Watson Designated As Chairman Of Maguire Properties, Inc.
July 23, 2009 |
| Maguire Properties, Inc. announced that Mr. Watson has been designated as Chairman of the Board, succeeding Mr. Vandeman. Mr. Vandeman was appointed Chair of the Board's Nominating & Governance Committee. |
Maguire Properties, Inc. Extends Debt Maturity and Settles Swap Obligation
June 18, 2009 |
| Maguire Properties, Inc. announced that it has extended the debt maturity on a construction loan for the Lantana Media Entertainment Campus located in Santa Monica, California. The outstanding balance of the loan as of the extension date was approximately $84 million and the new maturity date is September 30, 2009. The Company cam further extend the maturity date of this loan to June 13, 2010. No principal paydown was made in connection with the extension of this loan. The Company hold a forward starting interest rate swap that was purchased to hedge the interest rate on permanent financing for our Lantana Media Campus construction loan. This swap had a mandatory early termination date of September 19, 2009. As of March 31, 2009, the termination value of the swap was a liability of $22.9 million. The Company recently reached an agreement with the counterparty to terminate the swap for $11.3 million as a result of recent movement in treasury rates, one-half of which was paid during June 2009 while the other half will be paid during July 2009. |
Maguire Properties, Inc. Completes Sale of 3161 Michelson In Orange County
June 15, 2009 |
| Maguire Properties, Inc. announced that has completed the sale of 3161 Michelson located at the Park Place campus in Irvine, California to an affiliate of the EMMES Group of Companies. |
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