Maguire Properties Inc., Orange County’s second-biggest office landlord, said it has formed a special committee to focus on strategic alternatives, including a potential sale of the company.
The Los Angeles-based real estate investment trust said the committee, which will be comprised of independent directors, is one of several initiatives the company is taking to increase shareholder value.
The company counts a market value of about $1.3 billion.
Big shareholders in Maguire, including hedge fund JMB Capital Partners Master Fund LP, have criticized the company in the past month for its low-trading stock, which trades well below analysts’ expectations.
Maguire’s OC offices totals about 8 million square feet, and are about 80% full.
The company trails only Newport Beach-based The Irvine Co. in terms of local holdings, following its acquisition earlier this year of nearly two-dozen offices formerly owned by Equity Office Properties Trust.
