The Park Place complex lies along the San Diego Freeway atJamboree Road and Michelson Drive near the John Wayne Airport andSouth Coast Plaza shopping center. Besides existing office, retailand parking structures, Maguire's purchase includes entitlementrights that could expand the development to five million sf ofoffice, retail, residential and other uses upon completion. Maguirerepresented itself in the acquisition, in which Crow Orange CountyManagement Co. Inc. represented the sellers.

Robert F. Maguire III, chairman and co-chief executive officerof Maguire Properties, notes that the property is one of the mostprominently placed office developments in Orange County, visiblefrom the San Diego Freeway and many nearby surface streets. CrowDevelopment acquired the land portion of Park Place in 1985 at thesame time an 1.8-million-sf office building, now known as the ParkPlace Office Campus, was sold by Fluor Corp. William H. Lane, Jr.,the managing partner of the general partner of Crow Development andpresident of its management company, describes the complex as"truly a one-of-a-kind property."

Maguire's latest purchase includes a six-story office buildingat 3121 Michelson Dr. totaling 147,000 sf, the 170,000-sf Shops atPark Place, two parking structures with 1,400 spaces and surfaceparking for 4,000 cars, and a 20-year development agreement for anadditional two million sf of retail and restaurant space, a healthclub, a 410,000-sf hotel (308 rooms) and an additional 1.5 millionsf of office space, plus residential development.