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LOS ANGELES-Maguire Properties has refinanced its 777 Tower at 777 S. Figueroa St. Downtown with a seven-year, interest only loan with Bank of America at 5.84%. The REIT says that proceeds of the refinancing totaled approximately $104 million after repayment of an existing $155-million mortgage loan, payment of prepayment penalties, closing costs and loan reserves.

The 777 building, designed by designed by Cesar Pelli and completed in 1991, is a 52-story tower totaling 1.3 million sf that is 88% leased. Maguire says that along with refinancing the office tower, it has repaid the remainder of its $450-million term loan using proceeds from the 777 Tower refinancing and cash on hand.

With the closing of the deal, approximately, 98% of the Downtown L.A.-based office REIT’s outstanding debt is now fixed at a weighted average interest rate of approximately 5.2% for a remaining term of approximately seven years. The refinancing is the latest in a series of moves in the capital markets by Maguire this year.

Near the end of September, the REIT completed a $240-million construction loan for its 3161 Michelson Dr. office complex in Irvine, with financing via Eurohypo AG’s New York Branch and other lenders. The 3161 Michelson development will comprise a 531,000-sf office building and two parking garages with a capacity of 5,000 vehicles. The construction loan will bear interest at a rate of Libor plus 2.25%, and will mature on Sept. 30, 2008, with three one-year extension options.

In August, Maguire refinanced its Gas Company Tower and World Trade Center Garage in Downtown L.A. with a 10-year fixed rate loan from Nomura at a rate of 5.10%. Earlier in the summer Maguire refinanced its Glendale Center office project, also with a loan from Nomura. In the first quarter of this year, Maguire structured a joint venture with Australia’s Macquarie trust that reduced the Los Angeles REIT’s consolidated debt by approximately $794.3 million.

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