LOS ANGELES-A month into the tenure of new president and CEO Nelson Rising, Maguire Properties Inc. plans to sell its Orange County assets, has launched a search for a new chief financing officer following the resignations of three execs, and is seeking new financing of $100 million or more to provide more cash on hand. The Downtown L.A.-based office REIT and the largest owner and operator of Class A office properties in the Los Angeles central business district, outlined the pending asset sales and other changes in a public filing this morning.

Maguire says its proceeds from the sale of its Orange County assets will be used to pay down debt and for other general corporate purposes. The company has retained Eastdil Secured to start marketing Park Place, a 105-acre real estate campus that already includes 2.3 million sf of space in nine buildings and is expected to be fully developed over the next five to seven years. Park Place, which is in the Airport Area submarket, is adjacent to the San Diego Freeway at Jamboree Road and Michelson Drive.

Rising, in comments in the public filing, says that the asset sales, the restructuring of the management team and the new financing are all designed to increase shareholder value, a goal that analysts and investors have been urging the REIT to pursue for some time. The execs leaving their posts areMartin A. Griffiths, EVP and CFO; Paul S. Rutter, EVP and president of major transactions; and William H. Flaherty, SVP of marketing. Griffiths and Rutter are leaving their posts on June 30, Flaherty on July 11.

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