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Maguire Properties Completes Financing

REIT Announces $80M Mortgage
By Micah Horowitz
October 16, 2003 | 8:06 P.M.

Maguire Properties Inc., a real estate investment trust, announced it completed an $80 million, 10-year interest only mortgage financing at a fixed-rate of 5.73 percent for Glendale Center provided by RBS Greenwich Capital. Last month the company completed the acquisition of the remaining interests it did not already own in Glendale Center, consisting of BankAmerica Realty Services Inc.'s 70 percent interest and Disney Enterprises' 20 percent participation interest in the property. The company also defeased the existing $37 million property mortgage. The acquired interests totaling approximately $64 million and the loan defeasance were financed with available cash. Glendale Center is a 14-story office building at 611 N. Brand Blvd. in Glendale, CA. The 376,240-square-foot building, purchased in 1996, was 100 percent leased at the time the mortgage was secured. The company also owns a two-acre parcel that can support the development of up to 300,000 square feet of space.

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