Maguire is under pressure to sell from at least one majorshareholder. Also, it has long been rumored that the REIT'schairman and CEO Rob Maguire wants to sell. Questions surround theprospect of a sale, according to David Loeb, senior real estateresearch analyst and managing director for Milwaukee-based RobertW. Baird & Co., who tells GlobeSt.com that the hurdles to aMaguire sale range from tax implications to changes in capitalmarkets to the uncertainties of the Orange County office market tothe heavy debt load on Maguire's portfolio.

Loeb says that the question of when Maguire might be sold istied to the question of who the likely buyer will be. "The hurdlesto acquiring Maguire are substantial. The externalities around thisare more than they are for most companies," he says.

Loeb explains that the tax indemnification agreements that RobMaguire has on a number of the properties that he contributed tothe REIT mean that the tax hit for a third-party buyer would besubstantial. In addition, he says "Rob's incentive compensationplan would probably be triggered and there would be a big paymentfor that." Loeb thinks that any group that acquires the company islikely to include Rob Maguire because "that's really the only wayto get around those two big financial costs of acquiring thecompany."Loeb and other analysts have long cited the big debt loadthat Maguire's properties carry, which would be another obstacle toa sale, especially in today's uncertain capital markets. Loeb'sguess is the Maguire board is working actively with the company'sCEO and other potential buyers to try to work out something withinthe next couple months. But, he says "I have my doubts whether thatcan succeed."