The four-story office project was part of a portfolio that Maguire bought for $1.5 billion earlier this year, and the company said at the time of the acquisition that it would dispose of the Austin property as a non-core asset. In announcing the sale, Robert F. Maguire III, chairman and co-CEO of the REIT, noted that the sale of the property will help to pay down the company's $450 million term loan.
The sale of the Austin project was the second major transaction in recent weeks in which Maguire sold an asset from the portfolio that it bought earlier this year. In the other deal, a US-based investment fund agreed to pay $130 million to beat out more than 10 other prospective buyers for One Renaissance Square in Phoenix. The property is a 484,000-sf, class A office building that was part of the $1.5-billion portfolio that Maguire acquired in March from CommonWealth Partners LLC, Rockefeller Group International Inc. and the California Public Employees Retirement System. The properties, commonly referred to as the Fifth Street Properties Portfolio, gave Maguire Properties its inroad into the San Diego market.
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