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 www.maguireproperties.com.

Business Risks

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.

CONTACT:
Maguire Properties
Peggy Moretti, 213-613-4558 (Public Relations)

SOURCE: Maguire Properties, Inc.