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.