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LOS ANGELES-Maguire Properties has refinanced its Gas Company Tower and World Trade Center Garage with a 10-year fixed rate loan at a rate of 5.10%. The proceeds of the refinancing were $165 million after repayment of an existing $280-million mortgage and other costs, according to a Maguire filing with the SEC.

In addition to paying off the existing mortgage, the interest-only loan will pay down the office REIT’s term loan to a present balance of $167 million. Nomura Credit & Capital Inc. provided the financing, with the law firm of Cox Castle & Nicholson’s Douglas Snyder and John Matthew Trott representing Maguire.

The 52-story, 1.3-million-sf Gas Company Tower, which was completed in 1991 as the second office tower in the Library Square Redevelopment, is the headquarters of the Southern California Gas Co. The World Trade Center Garage is a six-story parking garage serving Maguire Properties’ Downtown Los Angeles projects.

The Gas Company Tower refinancing follows an earlier deal this summer in which Maguire refinanced its Glendale Center office project, also with a loan from Nomura. In the Glendale deal, Maguire secured a $125-million interest-only loan at 5.83% on the 14-story, 383,000-sf class A office tower.

The Gas Company Tower refinancing is the latest in a series of moves that Maguire has executed this year to restructure its finances. These have included a joint venture with Australia’s Macquarie trust that closed in the first quarter that reduced Maguire’s consolidated debt by approximately $794.3 million.

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