Attached files
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| 8-K - 8-K - MPG Office Trust, Inc. | fm8k12182009lantana.htm |
Exhibit
99.1
MAGUIRE
PROPERTIES COMPLETES DISPOSITION
of
LANTANA
MEDIA ENTERTAINMENT CAMPUS
LOS
ANGELES, December 16, 2009 – Maguire Properties, Inc. (NYSE:
MPG), a Southern California-focused real estate investment trust, announced
today that it has completed the sale of the Lantana Media Entertainment Campus
in Santa Monica, California to an affiliate of Lionstone Group. Additionally,
the Company sold an office property on the Campus to NARAS Properties, Inc., an
affiliate of The Recording Academy and internationally recognized for the
GRAMMY’S.
This
disposition is part of the Company’s previously announced plan to sell certain
properties in order to address near-term debt maturities and generate proceeds
for general corporate purposes.
Mr. Nelson
C. Rising, President and Chief Executive Officer, commented, “Since my
appointment in May 2008, I have been focused on addressing debt
maturities. The Company has successfully completed a number of loan
extensions and has also eliminated project debt through asset
dispositions. These two transactions eliminated in full
$176 million of obligations under two loans which were scheduled to mature
in January and June 2010 and generated approximately $19 million
in net proceeds after repayment of the loans.”
Arlene
Sommer, Executive Managing Director, and Mark Robinson, Corporate Managing
Director, of the international tenant advisory firm Studley’s West
Los Angeles office represented The Recording Academy in the transaction.
Carl Muhlstein and Andrew McDonald of Cushman & Wakefield represented Maguire Properties in the disposition of the asset.
Carl Muhlstein and Andrew McDonald of Cushman & Wakefield represented Maguire Properties in the disposition of the asset.
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.
About The Lionstone
Group
The
Lionstone Group is a privately-held Houston-based real estate investment company
with a portfolio of commercial real estate in select cities across the US.
Lionstone is recognized as one of the largest owners and operators of creative,
adaptive reuse office properties in West Los Angeles and Santa Monica,
California. For more information on The Lionstone Group, visit the
company’s Web site at www.lionstonegroup.com
About The Recording
Academy
Established
in 1957, The Recording Academy is an organization of musicians, producers,
engineers and recording professionals that is dedicated to improving the
cultural condition and quality of life for music and its makers. Internationally
known for the GRAMMY Awards — the preeminent peer-recognized award for musical
excellence and the most credible brand in music — The Recording Academy is
responsible for groundbreaking professional development, cultural enrichment,
advocacy, education and human services programs. The Academy continues to focus
on its mission of recognizing musical excellence, advocating for the well-being
of music makers and ensuring music remains an indelible part of our culture. For
more information about The Academy, please visit www.grammy.com. For
breaking news and exclusive content, join the organization’s social networks as
a Twitter follower at www.twitter.com/thegrammys,
a Facebook fan at www.facebook.com/thegrammys,
and a YouTube
channel subscriber at www.youtube.com/thegrammys.
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 associated with management’s focus on asset
dispositions, loan defaults, cash generation and general strategic matters;
risks associated with the timing and consequences of loan defaults and related
asset dispositions; risks associated with contingent guarantees by our
Operating Partnership; risks associated with our liquidity situation; risks
associated with the negative impact of the current credit crisis and economic
slowdown; 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 our ability to dispose of properties, if and
when we decide to do so, at prices or terms set by or acceptable to us; risks
and uncertainties affecting property development and construction; risks
associated with increases in interest rates, volatility in the securities
markets and contraction in the credit markets affecting our ability to extend or
refinance existing loans as they come due; risks associated with joint ventures;
potential liability for uninsured losses and environmental contamination; risks
associated with our 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 our 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 on April 30, 2009 and our
Quarterly Report on Form 10-Q filed on November 9, 2009 with the
Securities and Exchange Commission. 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.
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CONTACT:
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Maguire Properties,
Inc.
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Peggy
Moretti
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Senior
Vice President, Investor and Public Relations
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(213)
613-4558
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