As of March 31, 2012, its office portfolio—excluding properties in default—was comprised of whole or partial interests in 12 office properties totaling approximately 9 million net rentable square feet, and on- and off-site structured parking plus surface parking totaling approximately 4 million square feet, which accommodates approximately 14,000 vehicles.

On February 2, 2012, trustee sales were held with respect to 700 North Central and 801 N. Brand as part of cooperative foreclosure proceedings. As a result of the foreclosures, MPG was relieved of the obligation to repay the $27.5 million mortgage loan secured by 700 N. Central and the $75.5 million mortgage loan secured by 801 N. Brand as well as accrued contractual and default interest on both loans. In addition, it received a general release of claims under the loan documents pursuant to our previous in-place agreements with the special servicer.

On March 23, 2012, Two California Plaza was placed in receivership pursuant to a written stipulation with the special servicer. The company remains optimistic that it can be released from this property, according to Weinstein on the earnings call.

On March 30, 2012, the transactions revealed on Oct. 31, 2011 between MPG, Charter Hall Office REIT and affiliates of Beacon Capital Partners LLC were completed. At the closing of the transactions, the company, together with Charter Hall Office REIT, sold its interests in Wells Fargo Center, located in Denver, Colorado, and San Diego Tech Center, located in San Diego, California, to Beacon Capital. In addition, MPG sold its development rights and an adjacent land parcel at San Diego Tech Center to Beacon Capital and received a payment in consideration for terminating its right to receive certain fees from the joint venture following the closing date. MPG received net proceeds from these transactions totaling approximately $45 million, “which will be used for general corporate purposes,” according to a prepared statement. GlobeSt.com reported at the time that Weinstein said that the transactions provide MPG with the liquidity to maintain its “dominant market position in Downtown Los Angeles.”

The company also entered into a new joint venture agreement with Beacon Capital. Under this agreement, the joint venture will continue to own One California Plaza, located in Downtown Los Angeles, Cerritos Corporate Center, located in Cerritos, CA, and Stadium Gateway, located in Anaheim, CA—which is currently under contract for sale, subject to customary closing conditions. The new joint venture agreement provides for a three-year lockout period, during which time neither partner will have the right to exercise the marketing rights under the new joint venture agreement. MPG continues to maintain a 20% interest in the joint venture.

Other recent company events include: On April 10, 2012, Glendale Center was placed in receivership pursuant to a written agreement with the special servicer that provides for a cooperative foreclosure and a general release of claims under the loan document at the conclusion of the foreclosure process. The special servicer has commenced foreclosure proceedings; and on April 19, 2012, MPG disposed of Brea Corporate Place and Brea Financial Commons pursuant to a deed-in-lieu of foreclosure agreement. As a result, it was relieved of the obligation to repay the $109-million mortgage loan secured by those properties.