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

Rising, in comments in the public filing, says that the assetsales, the restructuring of the management team and the newfinancing are all designed to increase shareholder value, a goalthat analysts and investors have been urging the REIT to pursue forsome time. The execs leaving their posts areMartin A. Griffiths,EVP and CFO; Paul S. Rutter, EVP and president of majortransactions; and William H. Flaherty, SVP of marketing. Griffithsand Rutter are leaving their posts on June 30, Flaherty on July11.

Maguire has launched a search for a new EVP and chief financialofficer, with SVP and chief accounting officer Shant Koumriqiantaking over those roles in the interim.