LOS ANGELES, March 27, 2009 – Maguire Properties, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, announced today that it has completed the sale of 18581 Teller in Irvine, California to Allergan. Allergan’s corporate offices are headquartered in Irvine, California and their lease at 18581 Teller is due to expire in 2011.
This disposition is part of Maguire’s previously announced plan to sell certain strategically identified non-core properties in order to eliminate property-level debt and related debt guaranties. The transaction is valued at approximately $22 million, including Allergan’s assumption of the $20.0 million mortgage loan on the property. Maguire received net proceeds of $1.8 million from the transaction to be used for general corporate purposes. No impairment was recorded on the disposition of this property.
Mr. Nelson C. Rising, President and Chief Executive Officer, commented, “We are pleased to complete this transaction, which eliminates in full our obligation under the project loan and addresses a significant lease roll in 2011. This is an ideal building for Allergan to own given its corporate headquarters’ position in Irvine, and as such we consider the transaction beneficial to both parties.”
About Maguire Properties, Inc.
Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit our website at www.maguireproperties.com.
