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GLENDALE, CA-Developer Robert F. Maguire III’s Maguire Properties Inc. has agreed to pay $53.5 million to buy out his joint venture partner Bank of America’s 70% ownership of Glendale Center, according to a Maguire filing with the Securities and Exchange Commission.

The public filing, made in connection with Maguire Properties’ pending initial public stock offering, says the $53.5 million will include an estimated $500,000 in closing costs.Glendale Center, built in 1973, is a 14-story, class A office development that includes 382,888 sf of office and retail space plus 486,287 sf of on-site parking in a six-level garage.

Maguire acquired and redeveloped the property in a 1996 joint venture with Bank of America. A $28-million renovation included a new lobby, new mechanical systems and landscaping, winning a BOMA “Renovated Building of The Year” Award in 1997. The building is 99.6% leased to credit tenants that include Warner Entertainment and a unit of the Walt Disney Co.

The entity selling the 70% interest in the building at 611 N. Brand Blvd. will be BankAmerica Realty Services Inc., according to the SEC filing. The Glendale Center building is part of a Maguire portfolio that is due to be converted to ownership by a real estate investment trust in the Maguire Properties IPO. Maguire has been buying out portfolio partners for the past year. The takeovers include the 73-story Library Tower and KPMG Tower, both in Downtown Los Angeles. More recently, Maguire agreed to pay $79.2 million for the Cerritos Corporate Center in Cerritos.

Maguire, the largest owner of office space in Downtown LA’s CBD, hopes to raise approximately $890 million in the IPO. The offering is being managed by Credit Suisse First Boston Corp. and Salomon Smith Barney. Besides landmark buildings like the 73-story Library Tower, which Maguire developed, the newly formed public company would 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 and Alliance airports.

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