The potential sale of the Park Place property is part of a strategy that Maguire Properties has been pursuing to shed all of its Orange County assets to improve its finances. In addition to negotiations for the sale of Park Place, Maguire is in discussions to sell a number of other Orange County assets and has entered into a nonbinding letter of intent for one building in the Orange County Airport market, Rising noted in the conference call.

In his introduction to the conference call, Rising also touched on the company's refinancings and other efforts to improve its financial position, and he noted that the company has fielded many questions regarding its potential exposure from tenants in the financial service and insurance industries. The REIT's three largest banking tenants are Wells Fargo with almost 400,000 sf, Bank of America with 190,000 sf and US Bank with 162,000 sf—all of which "have weathered the financial storm quite well," the Maguire CEO said.

Maguire has four other tenants that lease in excess of 100,000 sf: a subsidiary of AIG called American Home Insurance that occupies 126,000 sf and "is well capitalized and appears to be financially secure," Rising said. He named a number of other financial services tenants, including Washington Mutual with 126,000 sf, and said that in general, "While we do have a variety of tenants in the financial services and insurance sector, we feel quite comfortable with our position with respect to these tenants."