MPG Disposes of Non-Core Assets, Enters JV

LOS ANGELES-MPG Office Trust Inc., a Southern California and Downtown Los Angeles-focused REIT, has completed previously revealed transactions between itself and Australia’s Charter Hall Office REIT and affiliates of Beacon Capital Partners LLC. As part of the transactions, MPG has sold certain non-core assets and entered into a new joint-venture agreement with an affiliate of Beacon.

At the closing of the transactions, MPG, together with Charter Hall, sold its interests in Wells Fargo Center, located in Denver, and San Diego Tech Center in San Diego. In addition, MPG sold its development rights and an adjacent land parcel at San Diego Tech Center and received a payment in consideration for terminating its right to receive certain fees following the closing date. Net proceeds to MPG of approximately $44 million will be used for general corporate purposes.