LOS ANGELES — Maguire Properties has sold Main Plaza to Shorenstein Properties LLC for approximately $211 million.
The transaction includes nearly $10 million of cash reserves and assumption of approximately $161 million of project level financing. The sale is subject to the assumption of the existing project financing and customary closing conditions. The transaction is expected to close third quarter 2008.
Main Plaza is located in the heart of the Airport Area submarket of Irvine. It features two 12-story, Class A office buildings and two free-standing buildings totaling approximately 607,000 square feet.
“This transaction demonstrates our commitment to our stated objective of disposing of certain Orange County properties to accomplish our balance sheet objectives,” said Nelson C. Rising, president and CEO of Maguire Properties. “We are extremely pleased with the timing and the results of this disposition.”