Maguire Properties (MPG) Expects to Record $51-$53M Impairment Charge Related to Sale of Main Plaza

July 9, 2008 5:21 PM EDT

Maguire Properties (NYSE: MPG) today announced that on June 26, subsidiary entities of the company entered into an agreement to sell properties known as Main Plaza located in Irvine, California to Shorenstein Properties. The purchase price is approximately $211 million and includes Shorenstein’s assumption of the $160.7 million mortgage loan on the property and the transfer to Shorenstein of approximately $10 million of restricted leasing reserves.

Maguire expects the transaction to close in the third quarter of 2008. Net proceeds totaling approximately $48 million will be used for general corporate purposes. Further, for the three months ended June 30, 2008, the company expects to record an impairment charge related to the pending sale of Main Plaza of about $51-$53 million.

Maguire Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California.

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