Maguire to Decide Soon on Joint Deal
Developer Robert Maguire on Monday said he will decide soon whether to sell a majority stake in his Los Angeles-based real estate empire to the publicly owned companies and private investors that have shown an interest in the company.
Los Angeles-based Maguire Partners earlier this year hired investment banking firm Credit Suisse First Boston to look for potential partners that would end up owning most of the firm. The company’s portfolio is estimated at nearly $2 billion and includes the 72-story Library Tower in downtown Los Angeles, Plaza Las Fuentes in Pasadena, Solana office park near Dallas and other properties.
One of the potential bidders was identified as Chicago-based Equity Office Properties Trust, according to the Los Angeles Business Journal. Maguire declined to say whether Equity Office was in the running.
Maguire and Equity Office are partners in the development of the first office building in the early stages of construction at the Playa Vista project near Marina del Rey. Equity Office, which is controlled by legendary investor Sam Zell, also has an option to team up with Maguire on potential future development at Playa Vista.
“There is no inside favorite,†Maguire said. The offer that gets selected “is going to be the deal that makes the most economic sense for us.â€
Maguire said any transaction would create a joint venture in which the current ownership of Maguire Partners would retain a substantial interest. In addition to Playa Vista, the veteran developer said he is interested in taking on new developments and acquiring more property in downtown Los Angeles.
“The purpose of this whole thing is to continue to build the portfolio,†Maguire said.
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