Bank of America Corp. sued Maguire Properties Inc., the largest office landlord in downtown Los Angeles, in a foreclosure action seeking control of a 16-story building that was once part of billionaire Sam Zell’s portfolio.
Maguire Properties Inc., the largest office landlord in downtown Los Angeles, is in discussions to extend loans on buildings in Irvine and Glendale, California, Chief Executive Officer Nelson Rising said.
Investors are bidding up prices for top-tier office buildings in Orange County, California, even as vacancies stand at almost 20 percent after the collapse of the subprime-mortgage industry that once made the region its home.
Robert F. Maguire III is planning a bid for the remaining Los Angeles office buildings owned by MPG Office Trust Inc., the company he helped found in 1965 and left 43 years later. The shares rose the most in eight months.