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GLENDALE, CA-Maguire Properties has refinanced its Glendale Center office project with a $125-million interest-only loan on the 14-story, 383,000-sf class A office tower. The 10-year loan carries a 5.83% fixed interest rate, according to the Los Angeles-based REIT, which secured the financing through Nomura.

Maguire officials say that the net proceeds of the refinancing, after repayment of the existing $80-million mortgage loan, payment of prepayment penalties, closing costs and loan reserves were approximately $33 million. The proceeds were used to pay down the company’s term loan to a balance of $332 million.

The Glendale Center, at 611 N. Brand Blvd., is 100% leased. The property includes a two-acre parcel that can support development of up to 400,000 sf of space.

Built in 1973 and renovated in 1996, the Glendale Center is located in the middle of the city in the Central Business District and includes a freestanding retail building as well. It is one of three major Maguire assets in Glendale, with the others at 700 North Central and 801 N. Brand Blvd.

The 700 North Central property is an eight-story, 134,169-sf class A office building just north of the Ventura (134) Freeway in Glendale’s CBD. The 801 North Brand Blvd. building is a 13-story, 282,403-sf class A building that’s also just north of the Ventura Freeway in the Central Business District.

In Maguire’s latest quarterly financial filing with the SEC, the L.A.-based REIT said that strong tenant demand continued throughout the quarter in the Tri-Cities market, which includes Glendale. The company said that “strong leasing activity is projected to continue throughout 2006, particularly in Glendale, which has a direct vacancy rate of 13.9%, down from 14.6% at the end of 2005.”

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