Maguire Takes Full Ownership of High-Rise in Glendale
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Los Angeles real estate investment trust Maguire Properties spent $64 million to take full ownership of a Glendale office tower it already had a partial stake in, the company said Thursday.
Maguire Properties bought out the interests of BankAmerica Realty Services Inc. and Disney Enterprises in Glendale Center, a 14-story building at 611 N. Brand Blvd. It also paid off a mortgage on the building.
This is the company’s first purchase since its initial public stock offering in June raised nearly $700 million.
Maguire owns eight office buildings, including the 72-story U.S. Bank Tower in Los Angeles, the tallest office building on the West Coast. It completed the purchase of Glendale Center on Aug. 29.
The Glendale building has 383,000 square feet of space and is nearly 100% occupied by such tenants as Time Warner and Walt Disney Co. Glendale Center was built in 1972 and renovated in 1996.
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