EX-99.1
2
ex99_1.htm
EXH 99.1 PRESS RELEASE DATED JULY 5, 2007
ex99_1.htm
Exhibit
99.1
For
Immediate Release
MAGUIRE
PROPERTIES COMPLETES
DISPOSITION
OF SAN DIEGO OFFICE PROPERTY
LOS
ANGELES--(BUSINESS WIRE)--July 5, 2007--Maguire Properties,
Inc. (NYSE:MPG), a
Southern California focused real estate investment trust, today
announced it has
completed its previously announced agreement to sell Pacific
Center, a 438,960
square foot office property in Mission Valley, California.
The total sale price
for PacificCenter was approximately $200 million. The net proceeds
from the sale
will be used to pay down the Company's term loan.
Mr.
Robert F. Maguire III, our Chairman and Chief Executive Officer,
commented,
"With the completion of this sale combined with the sale of
Wateridge Plaza also
in San Diego and eight assets in Orange County, we are closer
to our stated goal
of disposing of certain properties to streamline our asset
base and use a
portion of the net proceeds to pay down the Company's term
loan. We remain
focused on lowering our debt levels to accomplish our balance
sheet objectives
and creating value for our shareholders".
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 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
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 our annual report on Form 10-K filed with
the Securities and
Exchange Commission on March 1, 2007. 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, Inc.
Peggy
Moretti
Senior
Vice President, Investor and Public Relations
(213)
613-4558

EX - 99 . 1 2 ex99 _ 1 . htm EXH 99 . 1 PRESS RELEASE DATED JULY 5 , 2007 ex99 _ 1 . htm Exhibit 99 . 1 For Immediate Release MAGUIRE PROPERTIES COMPLETES DISPOSITION OF SAN DIEGO OFFICE PROPERTY LOS ANGELES -- ( BUSINESS WIRE ) -- July 5 , 2007 -- Maguire Properties , Inc . ( NYSE : MPG ) , a Southern California focused real estate investment trust , today announced it has completed its previously announced agreement to sell Pacific Center , a 438,960 square foot office property in Mission Valley , California . The total sale price for PacificCenter was approximately $ 200 million . The net proceeds from the sale will be used to pay down the Company 's term loan . Mr . Robert F . Maguire III , our Chairman and Chief Executive Officer , commented , " With the completion of this sale combined with the sale of Wateridge Plaza also in San Diego and eight assets in Orange County , we are closer to our stated goal of disposing of certain properties to streamline our asset base and use a portion of the net proceeds to pay down the Company 's term loan . We remain focused on lowering our debt levels to accomplish our balance sheet objectives and creating value for our shareholders " . 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 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 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 our annual report on Form 10 - K filed with the Securities and Exchange Commission on March 1 , 2007 . 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 , Inc . Peggy Moretti Senior Vice President , Investor and Public Relations ( 213 ) 613 - 4558