Maguire Selling Griffin Towers at Loss

LOS ANGELES-REIT Maguire Properties is still reeling in the recession climate and will have to sell one of its Orange County assets at a significant loss, reports the Wall Street Journal . The locally based firm is in a deal to sell Griffin Towers in Santa Ana for $90 million to a venture between Angelo, Gordon & Co. and Lincoln Property Co.

That figure is less than half the $200 million in refinancing Maguire spent on the office asset in 2008, and the firm still owes the Royal Bank of Scotland $22 million on a recourse loan attached to Griffin, the Journal reports. The 14-story building was part of a $2-billion portfolio acquisition from Blackstone Group that Maguire made in 2006, before CEO Robert F. Maguire III resigned in 2008.