Approximately three months after having formed a special committee to explore options for enhancing stockholder value, including a potential sale, Los Angeles-based Maguire Properties Inc. has announced that no desirable offers have come to the fore and that the pursuit of a buyer will no longer be part of its consideration of possible alternatives.Within the last year, more than a few real estate companies have initiated the process of evaluating strategic alternatives for bolstering shareholder value, and mergers are frequently the outcome. Last May, Herndon Va.-headquartered Republic Properties Trust formed a special committee to review its options and five months later, its $913 million sale to Malvern, Pa.-based Liberty Properties Trust reached completion. In March 2007, Toronto, Ont.’s Legacy Hotels Real Estate Investment Trust announced the commencement of its exploration of options, a move that ultimately led to its agreement in July to be acquired by a consortium led by Caisse de D\u00e9p\u00f4t et Placement du Qu\u00e9bec for approximately $2.5 billion. Maguire cites the currently unfavorable lending market as an impetus for abandoning its active hunt for new ownership. However, the company’s Special Committee will continue to consider non-sale alternatives.A full service real estate company, Maguire focuses its activities predominantly on premier office assets in Southern California, and carries the distinction of being the largest owner and operator of Class A office properties in the Los Angeles Central Business District. As of the close of 2007, the Maguire’s portfolio of owned or partially owned assets totaled 35 million square feet, including 21 million square feet of office and retail space. Company shares closed today at $14.33 after a previous close at $17.07.<\/p>\n","protected":false},"excerpt":{"rendered":"
Approximately three months after having formed a special committee to explore options for enhancing stockholder value, including a potential sale, Los Angeles-based Maguire Properties Inc. has announced that no desirable offers have come to the fore and that the pursuit of a buyer will no longer be part of its consideration of possible alternatives.Within the…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1003782000","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\n