Maguire Properties Inc. founder Robert Maguire was ousted over the weekend as chief executive of the company he founded.
The Los Angeles-based real estate company, which is Orange County’s No. 2 landlord, replaced Maguire with Nelson Rising, former head of Catellus Development Corp.
Rising was a senior partner with a predecessor company to Maguire Properties and is a former chairman of the Federal Reserve Bank of San Francisco. He had served as vice chairman and lead independent director for Maguire Properties for more than two years.
The company also said it suspended its quarterly dividend, citing “the difficult environment in the company’s markets, as well as the capital markets, and their impact on recent performance, in order to preserve and strengthen the company’s financial position.”
This puts to an end a battle by Maguire to take control of the company he founded more than 40 years ago.
In late April Maguire proposed a series of transactions that would have given him and his investment partner, Brookfield Properties Corp., 75% of a slimmed-down version of the company.
The deal would have seen the company sell all but its OC buildings, which are struggling from the mortgage downturn.
Roberts is with the Los Angeles Business Journal
