MPG Office Trust 8-K Maguire Properties Agrees

Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

February 13, 2007

MAGUIRE PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Maryland (State or other jurisdiction of incorporation) 1-31717 (Commission File Number) 04-3692625 (I.R.S. Employer Identification Number)

1733 Ocean Avenue, Suite 400 Santa Monica, California (Address of principal executive offices) 90401 (Zip Code)

310-899-2600

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	ITEM 1.01 Entry into a Material Definitive Agreement
	ITEM 7.01 Regulation FD Disclosure
	ITEM 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1 Press Release dated as of February 20, 2007
EXHIBIT 99.2 Purchase Agreement dated as of February 13, 2007

Section 1	Registrant’s Business and Operations
Item 1.01	Entry into a Material Definitive Agreement.

On February 13, 2007, Maguire Properties, L.P. (the “Operating Partnership”), the operating partnership subsidiary of the registrant, Maguire Properties, Inc., a real estate investment trust (the “Registrant”), entered into a definitive Purchase Agreement, with various entities controlled by Blackstone Real Estate Advisors (collectively the “Seller”), to acquire all of Seller’s rights, title and interests in 24 properties (the “Properties”), comprised of office space and development real property, located in Los Angeles County and Orange County, California. The portfolio consists of properties totaling approximately 7,687,000 rentable square feet (before re-measurement) and developable land that management believes can support approximately 2,186,000 square feet of improvements. The Operating Partnership has agreed to purchase the Properties on an as is, where is basis and with all faults and defects, without any representations or warranties, except as expressly set forth in the Purchase Agreement. The total purchase price of the Properties, which was determined through negotiations between the Operating Partnership and the Seller, is approximately $2,875.0 million, to be paid in cash at closing.

The following schedules, based on data received from the Seller, sets forth certain information with respect to the Properties. Such data has not been independently verified, and the information below therefore may not be accurate or complete.

 

		Rentable Area (a)		Rentable Area						Number of
Property	Submarket	(Square Feet)		(Percentage)			Occupancy			Buildings
Operating Assets:
550 South Hope Street	Down town Los Angeles		566,000		7.36	%		90.1	%		1
Two California Plaza   (b)	Down town Los Angeles		1,330,000		17.30	%		91.2	%		1
1920 Main Plaza	Irvine Business Center		306,000		3.98	%		89.3	%		1
2010 Main Plaza	Irvine Business Center		281,000		3.66	%		68.8	%		1
Inwood Park	Irvine Business Center		157,000		2.04	%		91.6	%		1
1201 Dove Street	John Wayne Airport Complex		78,000		1.01	%		98.6	%		1
18301 Von Karman	John Wayne Airport Complex		220,000		2.86	%		91.0	%		1
18581 Teller	John Wayne Airport Complex		86,000		1.12	%		100.0	%		1
2600 Michelson	John Wayne Airport Complex		308,000		4.01	%		98.3	%		1
Fairchild Corporate Center	John Wayne Airport Complex		105,000		1.37	%		97.8	%		1
Redstone Plaza	John Wayne Airport Complex		168,000		2.19	%		96.3	%		2
Tower 17	John Wayne Airport Complex		231,000		3.01	%		82.7	%		1
500 Orange Tower	Anaheim Stadium Area		333,000		4.33	%		95.9	%		2
Stadium Towers Plaza	Anaheim Stadium Area		255,000		3.32	%		93.1	%		1
Brea Corporate Place (b)	Brea		328,000		4.27	%		93.2	%		2
Brea Financial Commons Portfolio	Brea		165,000		2.15	%		99.6	%		3
1100 Executive Tower	Eastern Central Orange County		367,000		4.77	%		96.7	%		1
Lincoln Town Center	Eastern Central Orange County		215,000		2.80	%		97.7	%		1
The City - 3800Chapman	Garden Grove		157,000		2.04	%		100.0	%		1
500-600 Parkway	Garden Grove		459,000		5.97	%		95.0	%		3
City Plaza	Garden Grove		324,000		4.21	%		88.3	%		1
City Tower	Garden Grove		409,000		5.32	%		96.8	%		1
Bixby Ranch	Huntington\Seal Beach		295,000		3.84	%		96.5	%		1
Griffin Towers	South Coast Metro		544,000		7.08	%		82.6	%		1
Total Operating Portfolio			7,687,000		100	%		91.8	%		31

__________

(a)	Rentable area shown is before re-measurement. After remeasurement, under current BOMA standards, the Rentable Area is expected to be approximately 8.1 million square feet.
(b)	Subject to existing ground lease.

		Estimated
		Buildable
		Area
		(Square Feet)
Development Assets
Stadium Tower II	Anaheim Stadium Area		282,000
1100 Executive Tower	Eastern Central Orange County		366,000
500 Orange Center	Anaheim Stadium Area		475,000
City Tower II	Garden Grove		360,000
Brea Financial Commons Portfolio	Brea		57,000
Inwood Park II	Irvine Business Center		86,000
City Plaza II	Garden Grove		360,000
605 City Parkway	Garden Grove		200,000
Citibank Land	Garden Grove		TBD
Brea Corporate Place	Brea		TBD
Bixby Ranch	Huntington\Seal Beach		TBD
Total Development Assets			2,186,000
Total Portfolio			9,873,000

The Operating Partnership’s obligation to purchase the Properties under the Purchase Agreement is subject to certain Sellers’s limited representations, warranties and covenants. The transaction is expected to close on or before April 23, 2007. In the event the transaction does not close by reason of the Operating Partnership’s default, Seller may terminate the agreement, and the Operating Partnership shall pay liquidated damages in the amount of one hundred million dollars ($100,000,000). The Registrant and the Operating Partnership intend to immediately seek a joint venture partner for substantially all of the assets being acquired. Depending on the timing for completing the joint venture, the transaction may initially be funded from proceeds of project and corporate level financing. A copy of the Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference. 

Section 7	Regulation FD
Item 7.01	Regulation FD Disclosure

On February 20, 2007 the Registrant issued a press release regarding the purchase of the Properties described above in Item 1.01. A copy of the press release is attached hereto as Exhibit 99.1.

Section 9	Financial Statements and Exhibits
Item 9.01	Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No.	Description
99.1	Press Release dated as of February 20, 2007
99.2	Purchase Agreement dated as of February 13, 20071

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

/s/	Dallas E. Lucas
	Dallas E. Lucas
	Executive Vice President and
	Chief Financial Officer

Dated:February 20, 2007

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated as of February 20, 2007
99.2	Purchase Agreement dated as of February 13, 20071

¹ Pursuant to Item 601(b)(2) of Regulation S-K, the Registrant agrees to furnish supplementally any omitted schedules to the Securities and Exchange Commission upon request.