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Maguire REIT Decides Not to Sell

LOS ANGELES-With no buyers in sight, the Downtown L.A.-based office REIT gives up on the idea of a sale and will focus on 'non-sale options' to increase liquidity.

By Bob Howard | Updated on March 28, 2008

LOS ANGELES-Maguire Properties Inc. has decided to stop looking for a buyer for the Downtown L.A.-based office REIT, deeming that market conditions are not conducive to a sale and pledging to focus on “non-sale options” to increase liquidity. As its reasons for not selling, the REIT cites “current market conditions, particularly in the credit markets, and the lack of any viable acquisition proposal received from third parties.”

Late last year Maguire appointed a special committee to look into strategic alternatives, including a sale, after pressure from investors who complained that the company was not managing itself in a way to maximize shareholder value. Chairman and CEO Rob Maguire was long rumored to be interested in selling the company anyway, but no formal offers were ever placed on the table publicly.

A statement by Maguire this morning said that the options for enhancing liquidity that the special committee will focus on will include dividend policy and management measures to “preserve and create value until the markets recover.” The special committee intends to recommend the payment of the company’s preferred stock dividend for the first quarter of 2008.

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