PASADENA, CA-In its biggest property deal since the company merged with Brookfield Office Properties, MPG Office Trust has agreed to sell the Plaza Las Fuentes office and retail property for $75 million.

The mixed-use property was purchased by East West Bank, a tenant in the Plaza, and Downtown Properties Holdings. The buyer has made a non-refundable deposit of $2.25 million. The transaction is expected to close on or after June 28, following the expiration of the tax protection period on the asset. Eastdil Secured was the transaction's broker.

The sale is subject to approval by the Pasadena city government in its capacity as air space lessor, as well as other customary closing conditions. Net proceeds from the transaction are estimated to be approximately $30 million (after repayment of debt and closing costs) and will be available for general corporate purposes.

Peggy Moretti, the executive VP investor and public relations for MPG Office Trust, tells GlobeSt.com the property is not encumbered. Other tenants in the building include Fannie Mae, California Pizza Kitchen and McCormick & Schmick's, she says.

Earlier this year, Brookfield Office Properties agreed to merge with MPG Office Trust in a deal valued at more than $2 billion. That deal included cash and an assumption of $1.9 billion in MPG Office Trust debt and is expected to close in the third quarter of this year.

GlobeSt.com has reported extensively on MPG Office Trust, including rumors of its sale that were floated as far back as August of last year.