Commercial Real Estate Lurks as Next Potential Mortgage Crisis... Aug 31, 2009
Earlier this month, it was no coincidence that CMBS mortgages accounted for the debt on six of the seven Southern California office buildings that Maguire Properties Inc. said it was giving up. "During most of the evolution [of CMBS] no one ever thought all these loans would go into default," says Nelson Rising, Maguire's chief executive. (The Drudge Report)
Maguire Loses Seven Buildings (4) Aug 23, 2009
The 28-story building at 550 S. Hope St. is one of seven structures that Maguire Properties last week said it would stop making debt payments on ... Published: Friday, August 14, 2009 4:39 PM PDT DOWNTOWN LOS ANGELES - Maguire Properties, Downtowns largest commercial landlord, announced last week that it is going to stop making debt payments on seven high-profile office buildings: six in Orange County, and the 28-story Downtown edifice 550 S. Hope St.. (Los Angeles Downtown News, CA)
Maguire Properties Loses Seven Buildings, Including Downtown Structure (890) Aug 15, 2009
Maguire Properties Loses Seven Buildings, Including Downtown Structure ... Published: Tuesday, August 11, 2009 4:22 PM PDT DOWNTOWN LOS ANGELES - Maguire Properties, Downtowns largest commercial landlord, announced on Monday that it was going to stop making debt payments on seven high-profile office buildings: six in Orange County, and the 28-story Downtown edifice 550 S. Hope St.. (Los Angeles Downtown News, CA)
Vacancies Still Strain Commercial Properties Aug 14, 2009
Just this week, Maguire Properties Inc., which owns office buildings in Southern California, walked away from seven of its properties because it couldn t pay the mortgages and may abandon others, according to rating agency Realpoint. "The bottom line: defaults are exploding," said Richard Parkus, an analyst with Deutsche Bank. (Realtor Magazine Online)
Recession drags on commercial real estate Aug 14, 2009
Just this week, Maguire Properties Inc. said it would stop making payments on more than $1 billion in loans for seven office buildings in Southern California. The company said it would try to sell the buildings or turn them over to the lenders. (San Francisco Chronicle -- Business)
Commercial real estate woes weigh on Fed Aug 11, 2009
That s making it tough for owners to refinance almost $165 billion of mortgages for skyscrapers, shopping malls, and hotels this year, pressuring companies such as Maguire Properties Inc., the largest office landlord in downtown Los Angeles, to put buildings up for sale. The industry is likely to be high on the agenda when Bernanke and his colleagues sit down in Washington today at the Federal Open Market Committee meeting on monetary policy. (Boston Globe)
Maguire Defaults on Seven California Properties Aug 11, 2009
It's one of the nation's largest real estate investment trusts, but these days Maguire Properties () looks like just another heavily indebted homeowner trying to renegotiate loans and cope with foreclosure ... Maguire Properties is unusual both because of the quality of its assets and the magnitude of its debt problem, notes Michael Knott, an analyst at the real estate investment firm. (BusinessWeek)
Developers, Building Owners Could See Fees Increase Jul 11, 2009
Peggy Moretti, senior vice president of investor and public relations and chief administrative officer for Maguire Properties, whose Downtown portfolio includes eight Class A office towers, said the company is not overly concerned. While any increase on high-rise office towers given the current economy is a challenge, she said, we understand that it will not be problematic to our day-to-day business. (Los Angeles Downtown News, CA)
US office mkt continues to spiral down Jul 8, 2009
US office market continues to spiral down: Report- International Business-News-The Economic Times. International Business. (India Times)
Maguire Properties Sells SoCal Tower to Emmes Jun 16, 2009
Maguire Properties sells office tower in Irvine to Emmes Group of Cos ... Facing mounting debt payments and lagging demand for office space, Maguire Properties Inc. has sold a 19-story office high rise in Southern California to another real estate investment firm for $160 million a discount of roughly 35 percent. (ABC News -- Wire)
Conserve Water, or Pay the Price (905) Jun 6, 2009
Office towers are assessed based on one meter, but most leases include language that allows landlords to pass on the cost of operating expenses yearly if they exceed original estimates, said Travis Addison, vice president of operations for Maguire Properties, Downtowns largest office building owner ... That means Maguire Properties is among the group of DWP customers who stay mostly within their tier one allotment. (Los Angeles Downtown News, CA)
The Quiet Tycoon (3) May 19, 2009
Published: Monday, May 19, 2008 1:37 PM PDT When it comes to the biggest players in Downtown commercial real estate, several names spring to mind: There is Robert Maguire, the longtime developer whose Maguire Properties owns eight trophy skyscrapers in the Central City. Then there is Brookfield Properties, the New York-based behemoth that in recent years has acquired three key Downtown commercial centers, including the Bank of America Plaza on Hope Street. (Los Angeles Downtown News, CA)
Office Tower Is Wild Card in $1 Billion Plan Apr 14, 2009
Theyre likely going to need to target starting rents somewhere as much as double todays asking rents, said Mark Lammas, executive vice president of investment for Maguire Properties, one of Downtowns biggest commercial landlords. In fact, Lammas firm was the most recent entity to take steps toward a new Downtown office high-rise. (Los Angeles Downtown News, CA)
The Big Picture (5) Mar 22, 2009
Maguire Properties, which last month completed the acquisition of the 550 S. Hope St. and Two California Plaza buildings, is moving forward on plans for a new 50-story office tower in the Financial District. Peggy Moretti of Maguire Properties said construction on the project at Seventh and Figueroa streets overlooking the Harbor Freeway would not start until leases have been signed for 40% to 50% of the office space, but that the company is speaking with a number of potential tenants ...... (Los Angeles Downtown News, CA)
No comments posted. Mar 16, 2009
One California Plaza, purchased by Maguire Properties in 2003 for $225 million, is for sale ... Purchased by Maguire Properties in 2003 from Metropolitan Life Insurance Company for $225 million, the building was later folded into a joint ownership venture with Sydney, Australia-based Macquarie Office Trust in 2006 ... It was Macquaries initiative that led the partnership to put One California Plaza the only Downtown property in the groups portfolio on the market, said Peggy... (Los Angeles Downtown News, CA)
Unprecedented Recession Mar 14, 2009
Nelson Rising, president and chief executive officer of Downtown real estate firm Maguire Properties, says the current recession is unprecedented, but an end is not necessarily out of sight ... Published: Friday, March 13, 2009 5:55 PM PDT DOWNTOWN LOS ANGELES -Nelson Rising, the president and chief executive officer of commercial real estate giant Maguire Properties, has been a student of the Downtown office market for decades. (Los Angeles Downtown News, CA)
Distinct Despite the Odds Mar 12, 2009
The landmark South Park development was praised repeatedly by other attendees, including Maguire Properties CEO Nelson Rising ... The event was sponsored by Maguire Properties, the Central City Association, the Downtown Center Business Improvement District and furniture design firm Maison Bertet. (Los Angeles Downtown News, CA)
Nelson Rising Addresses Economy Feb 28, 2009
DOWNTOWN LOS ANGELES - In an address on the state of the economy to more than 300 Downtown business leaders and stakeholders last week, Nelson Rising, president and CEO of Downtown-based real estate firm Maguire Properties, called today's financial crisis "unprecedented." Looking to the past for clues about the current downturn, Rising explained that the longest recession in the last 40 years lasted 17 months. The shortest was just two months. (Los Angeles Downtown News, CA)
Shangri-La Industries Hosts Green Business Leadership Roundtable With Special Guest Former President Bill Clinton Feb 20, 2009
Real estate and sustainable property investors and developers in attendance included Angeleno Group, Maguire Properties and Southland Industries. Green tech lighting company Image Engineering Inc. also attended the Shangri-La Industries roundtable event. (PR Newswire)
Property deal of the century, underwater in a big way Feb 8, 2009
In Los Angeles, the founder of Maguire Properties, one of the largest commercial landlords in Southern California, was forced to step down last year as the company struggled with crushing debt from buying 24 Equity Office buildings. And in New York, the real estate mogul Harry Macklowe lost seven Equity Office towers he bought from Blackstone, along with much of his empire, after he was unable to refinance the $7 billion in short-term, high-interest debt he used to buy them. (International Herald Tribune -- Business)
