LOS ANGELES-Maguire Properties has entered an agreement to sell three buildings in Orange County for $310 million as part of the office REIT's continuing program to reduce debt after its $3 billion acquisition of EOP properties from Blackstone earlier this year. The buyer is a partnership of the Orange County-based Muller Co. and Rockwood Capital LLC.

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LOS ANGELES-Maguire Properties has entered an agreement to sell three buildings in Orange County for $310 million as part of the office REIT's continuing program to reduce debt after its $3-billion acquisition of EOP properties from Blackstone earlier this year. The buyer is a partnership of the Orange County-based Muller Co. and Rockwood Capital LLC.

The deal, which is expected to close in the third quarter, includes Tower 17 in Irvine, 1100 Executive Tower in Orange and Lincoln Town Center in Santa Ana. Rob Maguire, chairman and CEO, says that the disposition of the three properties, combined with the REIT's previously announced asset sales in Orange County and San Diego, "positions us closer to" the completion of plans to streamline the company's asset base and pay down its debt.

The previously announced sales include an agreement to sell five office properties in Orange County for approximately $345 million and a deal to sell two office properties in San Diego for approximately $298 million. The three in the latest deal were part of a group of 11 Orange County office projects that Maguire placed on the market soon after it agreed to acquire the EOP properties from Blackstone.

The 11 Orange County properties, in turn, were part of a group of 17 properties that Maguire said it would dispose of for approximately $2 billion to reduce debt from the Blackstone transaction. Besides Orange County assets, the 17 properties being sold by the Los Angeles-based REIT include assets in Los Angeles and San Diego counties.

The deal, which is expected to close in the third quarter, includes Tower 17 in Irvine, 1100 Executive Tower in Orange and Lincoln Town Center in Santa Ana. Rob Maguire, chairman and CEO, says that the disposition of the three properties, combined with the REIT's previously announced asset sales in Orange County and San Diego, "positions us closer to" the completion of plans to streamline the company's asset base and pay down its debt.

The previously announced sales include an agreement to sell five office properties in Orange County for approximately $345 million and a deal to sell two office properties in San Diego for approximately $298 million. The three in the latest deal were part of a group of 11 Orange County office projects that Maguire placed on the market soon after it agreed to acquire the EOP properties from Blackstone.

The 11 Orange County properties, in turn, were part of a group of 17 properties that Maguire said it would dispose of for approximately $2 billion to reduce debt from the Blackstone transaction. Besides Orange County assets, the 17 properties being sold by the Los Angeles-based REIT include assets in Los Angeles and San Diego counties.