Los Angeles-based landlord Maguire Properties Inc., fresh off one of the biggest local office buys in years, isn’t done dealing in Orange County.
The office landlord and developer said on Monday it plans to sell 11 office properties in OC, totaling roughly 3 million square feet. That’s about one-third of Maguire’s existing local portfolio, based on square footage.
Those 11 offices, along with an additional 1.7 million square feet of office space in Glendale and San Diego, should raise more than $2 billion for the real estate investment trust. The deal’s set to be completed in the second quarter, Maguire officials said.
Maguire said it will use the money from the sales to help finance its blockbuster $2.9 billion buy of Equity Office Properties Trust’s OC and Los Angeles portfolio from Blackstone Group LP, which was announced last month.
Maguire bought 29 Orange County buildings, totaling 6.1 million square feet, in the Equity Office deal. It had a total of about 10 million square feet of space here following that buy.
At the time the Equity Office deal was struck, Chief Executive Rob Maguire said his company would be selling about $700 million of local offices to help finance the deal,a significant difference from the $2 billion the company announced Monday.
The OC offices now being put up for sale are all former Equity Office buildings, according to local brokers.
They include Irvine’s 230,000-square-foot Tower 17 building on Von Karman Ave., the 366,000-square-foot 1100 Executive Tower in Orange, and the 325,000-square-foot City Plaza tower in Orange.
