LOS ANGELES--(BUSINESS WIRE)--Nov. 23, 2004--Maguire Properties
(NYSE:MPG), a real estate investment trust, today announced that it
has completed its previously announced acquisition of the Washington
Mutual Irvine Campus in Orange County, California from an affiliate of
Washington Mutual Bank, FA. The purchase price was $151.2 million and
funded in part through a $106 million seven-year fixed-rate financing
provided by Credit Suisse First Boston.
The Washington Mutual Irvine Campus is a 16-acre office campus
comprised of four first class low-rise office buildings totaling
415,597 square feet, as well as 2,610 subterranean, structured and
surface parking spaces. The property is located in Irvine, California
in close proximity to Maguire Properties' recently acquired Park Place
Campus. The project is also entitled for a new 145,270 square foot,
five story office building, for which plans are completed and
fabricated structural steel is stored. The four existing office
buildings are 100% leased by Washington Mutual Bank, FA, a wholly
owned subsidiary of Washington Mutual Inc. Today's announcement will
not impact Washington Mutual's operations at the Irvine campus.
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
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, dependence on tenants'
financial condition, and competition from other developers, owners and
operators of real estate); risks that the closing conditions to the
above-described acquisition and/or financing will not be satisfied and
the acquisition and/or financing not be completed as a result thereof;
risks associated with the availability and terms of financing and the
use of debt to fund acquisitions and developments; risks associated
with the failure to manage effectively the Company's growth and
expansion into new markets 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; potential liability for uninsured losses and
environmental contamination; risks associated with our 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 the
reports filed by the Company with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Peggy Moretti, 213-613-4558 (Public Relations)
SOURCE: Maguire Properties, Inc.