Maguire Properties acquired the 484,000-sf, class A office building at 2 N. Central Ave. as part of a $1.5-billion portfolio from CommonWealth Partners LLC, Rockefeller Group International Inc. and the California Public Employees Retirement System. Sources say the REIT paid $120 million for the tower, one of 10 properties in Southern California, Texas and Arizona.
The 26-story tower was completed in 1987. Major tenants include Ernst & Young LLP and local law firm Gammage & Burnham.
The sale, expected to close in second quarter 2005, requires the new owner to assume $103 million in mortgage debt, according to this morning's press release. Robert Maguire III, the REIT's chairman and co-CEO, says proceeds will be applied toward its $450 million of debt.
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