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LOS ANGELES, CA-Longtime L.A. developer Robert F. Maguire III will take his company public in an offering managed by Credit Suisse First Boston Corp. and Salomon Smith Barney, the company announced late Tuesday. The developer hopes to raise $890.25 million, according to the company’s filing with the Securities and Exchange Commission.

Maguire, owner of trophy Downtown L.A. office properties, says the company will be renamed Maguire Properties Inc. and will be the largest owner and operator of Class A office properties in the central business district of Los Angeles.

Besides landmark buildings like the 73-story Library Tower in Downtown L.A., which Maguire developed and owns, the company will also own properties in the Tri-Cities area of Pasadena, Glendale and Burbank as well as properties in the Dallas/Fort Worth area in the corridor between DFW International Airport and Alliance Airport. Maguire Partners is a full-service real estate company with property management, marketing, leasing, acquisitions, development and financing operations. In recent months, Maguire has gained control of several Downtown assets by restructuring finances to buy out partners.

How attractive Maguire’s REIT is to investors will depend on several factors, according to Craig Silvers, president of Los Angeles-based Bricks & Mortar Capital, a fund that invests in REITs.

“Pricing is key,” Silvers tells GlobeSt.com. Local REITs Arden and Kilroy offer approximate yields of 9.1% and 8.75%, respectively, Silvers says, and have proven management teams, so Maguire will competing against the likes of them for the hearts and dollars of investors.

“Everyone is aware that office vacancy rates are rising,” Silvers tells GlobeSt.com, and it appears that the large, national tenants that Maguire’s prospectus touts as reasons to invest in the REIT are one of the groups cutting back most on office space.

Maguire, who founded his firm in 1965, has developed high-profile properties like the KPMG Tower and the Gas Company Tower in Downtown Los Angeles, MGM Center and Colorado Place in Santa Monica, Plaza Las Fuentes in Pasadena, and the Water’s Edge office development at the 1,087-acre Playa Vista development. Maguire’s officers would retain an ownership of approximately 23.1% of the company after the completion of the offering, according to the SEC registration statement.

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