Maguire expects to be completed in the second quarter of 2007, with Eastdil Secured acting as adviser for the transaction. The 11 Orange County properties represent the bulk of the buildings on sale, both in terms of number of buildings and square footage, totaling approximately three million sf.
The 17 properties being sold include several from the former EOP portfolio. The four Los Angeles County properties are in Glendale and total approximately 950,000 sf, while the two in San Diego total approximately 700,000 sf.
In addition to the existing office buildings, the portfolio includes parcels for development. Rob Maguire, chairman and CEO, says that the REIT's sale of the assets "will enable us to focus on a streamlined asset base in L.A., Orange and San Diego counties, including our development pipeline," in addition to reducing debt from the EOP deal.
The Orange County properties include the Lincoln Town Center in Santa Ana; Tower 17 and Fairchild Corporate Center in Irvine; Executive Tower, City Parkway, the City and City Plaza in Orange; Redstone Plaza in Newport Beach; Bixby Ranch in Seal Beach; Brea Financial Commons and Brea Corporate Place in Brea.
The Glendale properties include Glendale Center as well as the 701 N. Brand, 801 N. Brand and 700 N. Central buildings. The San Diego County properties are Pacific Center in Mission Valley and Wateridge Plaza in Sorrento Mesa.
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