LOS ANGELES--(BUSINESS WIRE)--Dec. 2, 2008--Maguire Properties, Inc. (NYSE:MPG), a Southern California-focused real
estate investment trust, announced today it has executed a new lease
with InnovaSystems International, Inc. for approximately 45,000 square
feet at 2385 Northside Drive, which is part of the Mission City
Corporate Center in San Diego, California. InnovaSystems is expected to
take occupancy in the first quarter of 2010.
Mr. Nelson C. Rising, President and Chief Executive Officer, commented,
"We are very pleased with the execution of this lease. InnovaSystems'
selection solidifies Mission City Corporate Center as a premier office
campus offering a range of amenities in an ideal location."
The Company previously announced it had extended the maturity date of
the construction loan for this new building to August 2010.
InnovaSystems was represented by Randall Wood and Joseph Bernstein of
Jones Lang LaSalle Americas, Inc. Peter Johnston, Christopher Powers and
Stefan Khudic represented Maguire Properties in the transaction.
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 the Company's website at www.maguireproperties.com.
This press release contains forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ
materially. These risks and uncertainties include: general risks
affecting the real estate industry (including, without limitation, the
inability to enter into or renew leases at favorable rates, dependence
on tenants' financial condition, and competition from other developers,
owners and operators of real estate); risks associated with the
availability and terms of financing and the use of debt to fund
acquisitions and developments; risks associated with the potential
failure to manage effectively the Company's growth and expansion into
new markets, to complete acquisitions or to integrate acquisitions
successfully; risks and uncertainties affecting property development and
construction; risks associated with downturns in the national and local
economies, increases in interest rates, and volatility in the securities
markets; risks associated with joint ventures; potential liability for
uninsured losses and environmental contamination; risks associated with
the Company's potential failure to qualify as a REIT under the Internal
Revenue Code of 1986, as amended, and possible adverse changes in tax
and environmental laws; and risks associated with the Company's
dependence on key personnel whose continued service is not guaranteed.
For a further list and description of such risks and uncertainties, see
our Annual Report on Form 10-K/A filed with the Securities and Exchange
Commission on April 28, 2008. The Company does not update
forward-looking statements and disclaims any intention or obligation to
update or revise them, whether as a result of new information, future
events or otherwise.
CONTACT: Maguire Properties, Inc.
Senior Vice President, Investor and Public Relations
Source: Maguire Properties, Inc.