Maguire Properties to sell office property

By Associated Press
July 8, 2008 | Comments (0)

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Real estate investment trust Maguire Properties Inc. said Tuesday it has agreed to sell an office property in Irvine, Calif., for $211 million to Shorenstein Properties LLC.

The purchase price includes nearly $10 million of cash reserves and the assumption of about $161 million of project level financing.

The company expects the deal to close in the third quarter.

The property, Main Plaza, includes two, 12-story office buildings and two freestanding buildings totaling about 607,000 square feet.

The sale is consistent with Maguire's plan to dispose of certain Orange County properties in an effort to improve its balance sheet.

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