Maguire obtained $232 million in first mortgage financing from Deutsche Bank in a syndicated loan that enabled it to pay off a loan from Aetna and purchase Wells Fargo's interest, giving Maguire total ownership of the property.

Robert F. Maguire III, managing partner of the firm, says the deal shows investor interest is keen in Downtown Los Angeles. His comment echoes what investment brokers have been saying of late: Institutional investors have shown increasing interest in Downtown L.A. properties this year after shunning Downtown just a few years ago.

Completed in 1984, KPMG Tower was designed by Skidmore, Owings and Merrill. It comprises more than 1.1 million sf of office and retail space and is more than 96% occupied, with tenants including KPMG, Los Angeles Unified School District, and law firm Munger, Tolles & Olsen.

Earlier this year, Maguire acquired controlling interest in another of its developments, the 73-story Library Tower skyscraper, the tallest building on the West Coast at 1,017 feet. Library Tower, which comprises 1.3 million sf of office and retail space, was designed by Pei, Cobb Freed and Partners and is 96% leased to tenants including the Los Angeles Visitors and Convention Bureau, Sempra Energy and Latham & Watkins. At the time of the Library Tower deal, Maguire noted that it solved two difficult issues in today's financing world, the assumption of securitized debt and obtaining terrorism insurance.

Besides the KPMG and Library Tower deals, Maguire also acquired controlling interest earlier this year in Gas Company Tower, the 52-story downtown home to Southern California Gas Co.

Maguire Partners has developed over 30 million sf nationally and currently owns and manages 12.7 million sf in Southern California and Texas, comprising 18 office buildings with 7.4 million sf, 2 hotels with 550 rooms, and 16 parking structures totaling 16,000 spaces and 4.6 million sf.