Los Angeles-based Maguire Properties Inc. has turned over ownership of a large portion of its Park Place campus in Irvine to a local investor, LBA Realty.
Maguire said on Tuesday it completed a deed in lieu transaction for Park Place I, a 1.7 million-square-foot section of what had been the under-fire landlord’s largest property in Orange County.
Irvine-based LBA Realty had reportedly acquired the debt to the Park Place I property,primarily offices that previously had been built for Fluor Corp.,at a discount earlier this year.
Cash-strapped Maguire said on Monday the Park Place property was one of several OC offices it planned to give back to lenders.
Terms of the deal were not disclosed. LBA also is buying a parking structure and development rights at Park Place, which will result in Maguire getting $17 million in proceeds.
LBA Realty, founded by local real estate executives Steve Layton and Phil Belling, was rumored late last year to be looking at buying the entire Park Place campus. That deal never went through.
In June another portion of the Park Place campus, the 3161 Michelson office tower, was sold to New York’s Emmes Group of Cos. for $160 million.
The remaining portion of Park Place that Maguire owns but plans to give back to the bank includes the campus’ shopping center as well as the 3121 Michelson office building.
