Los Angeles-based landlord Maguire Properties Inc. plans to sell the sprawling Park Place campus in Irvine, its best-known Orange County property, the company said on Monday.
Eastdil Secured is marketing Park Place, the 105-acre campus that contains the new 3161 Michelson office tower along with other buildings, a shopping center and undeveloped land. It paid $475 million for Park Place in 2004.
Maguire also said that it is in discussions with potential buyers for other OC properties it owns. The company counts about 8 million square feet of office space in the county, which represents about 40% of the real estate investment trust’s portfolio.
The company also announced several management changes on Monday. Among executives leaving is William Flaherty, the company’s top OC executive. He’s stepping down in July, the company said.
The sale plans and executive shake-ups are being made under the watch of new chief executive Nelson Rising, who replaced company founder Robert Maguire last month.
Proceeds from the OC sales would be used to pay down debt and for other general corporate purposes, the company said.
