EX-99.1
13
ex99_1.htm
EXH 99.1 PRESS RELEASE DATED 1/6/2006
Exh 99_1 Press Release dated 1/6/2006
Exhibit
99.1
For
Immediate Release
MAGUIRE
PROPERTIES ANNOUNCES CLOSING OF
MAGUIRE
MACQUARIE OFFICE VENTURE
LOS
ANGELES, January 6, 2006 - Maguire Properties, Inc. (NYSE: MPG), a leading
Southern California focused real estate investment trust, today announced
it has
completed its previously announced agreement with Macquarie Office Trust
to form
a joint venture Maguire Macquarie Office to own, operate and acquire office
properties principally located in Southern California. Net proceeds to
Maguire
Properties from the transaction were approximately $350 million and will
be used
to pay down debt as well as for future strategic acquisitions and development
opportunities.
Mr.
Robert F. Maguire III, Chairman and Chief Executive Officer of Maguire
Properties, said, "We are very pleased to have closed this transaction which
solidifies our strategic partnership with Macquarie Office Trust. We hold
the
Macquarie team in high regard and believe our partnership will exceed both
Companies' return objectives. Supported by strong leasing activity and exciting
development opportunities, our plan is to substantially grow this venture
and
maximize the value of these terrific assets over the long-term".
The
aggregate size of the initial Maguire Macquarie Office portfolio is nearly
4.0
million square feet and includes five assets (One California Plaza, Cerritos
Corporate Center, Washington Mutual Campus, San Diego Tech Center and Wells
Fargo Center) contributed by Maguire Properties and one asset (Stadium
Gateway)
contributed by Macquarie Office Trust.
Maguire
added, "We view this venture approach to be particularly meaningful as Maguire
Properties retains 20% ownership in the venture and will receive a variety
of
fees including an asset management fee and will be entitled to out performance
distributions based on the results of the venture which we believe we can
achieve."
About
Maguire Properties, Inc
.
Maguire
Properties, Inc., a Southern California focused real estate investment
trust is
the largest owner and operator of Class A office properties in the Los
Angeles
central business district. The Company is focused on owning, developing
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.
About
Macquarie Office Trust
Macquarie
Office Trust is a listed property trust with assets under management
of A$4.7
billion (on settlement of the Maguire portfolio). More than A$26
billion in
property assets are managed under the Macquarie brand, across a portfolio
of
listed and unlisted property trusts, unlisted development funds and
property
investment syndicates, globally. For more information on Macquarie
Office Trust,
refer to the Trust's website at www.macquarie.com.au/officetrust.
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: risks that the closing conditions to the above-described
venture will
not be satisfied, including that the existing project lenders will
not approve
the proposed transaction and that the transaction will not be completed
as a
result thereof; risks associated with joint ventures, including loss
of sole
decision-making authority and potential disputes with joint venture
partners;
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; general
risks
affecting the real estate industry (including, without limitation,
the inability
to enter or renew leases, dependence on tenants' financial condition, and
competition from other developers, owners and operators of real estate);
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, including the Company's most recent annual
report on form 10-K. 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.
CONTACTS:
Maguire
Properties
Peggy
Moretti
Senior
Vice President, Investor and Public Relations
(213)
613-4558
#
#
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EX - 99 . 1 13 ex99 _ 1 . htm EXH 99 . 1 PRESS RELEASE DATED 1 / 6 / 2006 Exh 99 _ 1 Press Release dated 1 / 6 / 2006 Exhibit 99 . 1 For Immediate Release MAGUIRE PROPERTIES ANNOUNCES CLOSING OF MAGUIRE MACQUARIE OFFICE VENTURE LOS ANGELES , January 6 , 2006 - Maguire Properties , Inc . ( NYSE : MPG ) , a leading Southern California focused real estate investment trust , today announced it has completed its previously announced agreement with Macquarie Office Trust to form a joint venture Maguire Macquarie Office to own , operate and acquire office properties principally located in Southern California . Net proceeds to Maguire Properties from the transaction were approximately $ 350 million and will be used to pay down debt as well as for future strategic acquisitions and development opportunities . Mr . Robert F . Maguire III , Chairman and Chief Executive Officer of Maguire Properties , said , " We are very pleased to have closed this transaction which solidifies our strategic partnership with Macquarie Office Trust . We hold the Macquarie team in high regard and believe our partnership will exceed both Companies ' return objectives . Supported by strong leasing activity and exciting development opportunities , our plan is to substantially grow this venture and maximize the value of these terrific assets over the long - term " . The aggregate size of the initial Maguire Macquarie Office portfolio is nearly 4 . 0 million square feet and includes five assets ( One California Plaza , Cerritos Corporate Center , Washington Mutual Campus , San Diego Tech Center and Wells Fargo Center ) contributed by Maguire Properties and one asset ( Stadium Gateway ) contributed by Macquarie Office Trust . Maguire added , " We view this venture approach to be particularly meaningful as Maguire Properties retains 20 % ownership in the venture and will receive a variety of fees including an asset management fee and will be entitled to out performance distributions based on the results of the venture which we believe we can achieve . " About Maguire Properties , Inc . Maguire Properties , Inc . , a Southern California focused real estate investment trust is the largest owner and operator of Class A office properties in the Los Angeles central business district . The Company is focused on owning , developing 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 . About Macquarie Office Trust Macquarie Office Trust is a listed property trust with assets under management of A $ 4.7 billion ( on settlement of the Maguire portfolio ) . More than A $ 26 billion in property assets are managed under the Macquarie brand , across a portfolio of listed and unlisted property trusts , unlisted development funds and property investment syndicates , globally . For more information on Macquarie Office Trust , refer to the Trust 's website at www.macquarie.com.au/officetrust . 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 : risks that the closing conditions to the above - described venture will not be satisfied , including that the existing project lenders will not approve the proposed transaction and that the transaction will not be completed as a result thereof ; risks associated with joint ventures , including loss of sole decision - making authority and potential disputes with joint venture partners ; 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 ; general risks affecting the real estate industry ( including , without limitation , the inability to enter or renew leases , dependence on tenants ' financial condition , and competition from other developers , owners and operators of real estate ) ; 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 , including the Company 's most recent annual report on form 10 - K . 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 . CONTACTS : Maguire Properties Peggy Moretti Senior Vice President , Investor and Public Relations ( 213 ) 613 - 4558 # # #
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O