Maguire to sell OC property

That's Maguire, the L.A.-based real estate company, as opposed to Robert Maguire, who used to be running the place until being ousted a few weeks back. Maguire Properties is looking to raise hundreds of millions of dollars by selling Park Place, a 105-acre office park in OC that Robert Maguire considered kind of a pet project. New CEO Nelson Rising says he has no plans to sell anything in downtown, where Maguire owns several signature skyscrapers that include the 72-story US Bank Tower. From the WSJ:

Maguire's biggest problem is its crushing $5 billion debt load, much of it taken on to finance the ill-timed acquisition of Orange County office buildings last year just before the market turned south. Even with Maguire's recent decision to stop paying a dividend, the company isn't generating enough cash to pay its debt service. Maguire purchased Park Place in 2004 for about $475 million. It houses the former headquarters of Fluor Corp. and land for additional office, retail and residential development. Before Mr. Maguire left, he described it as a key element to the company's Orange County strategy.

Here's the LAT version.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
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