Maguire Properties Unloads Office Tower at 40% Discount

Maguire Properties Inc. has completed the sale of 3161 Michelson, located at the Park Place campus in Irvine, to an affiliate of the EMMES Group of Companies. While Maguire has not officially released the sale price at this time, EMMES has announced the price at $160 million, which translates to a selling price of about $300 per square foot, or 40% less than the original cost according to the Wall Street Journal.

Maguire has had all of its Orange County properties for sale for some time now, and has sold a number of them. The Michelson building was originally completed in 2007 and is currently 60% leased, with tenants including Hyundai, Gibson, Dunn & Crutcher and Jones Day. The property was originally slated to be anchored by New Century Financial Corp., a now-defunct subprime mortgage lender.

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