Playa Vista Talks to Continue Past Deadline

Los Angeles-based developer Maguire Partners and the investors that hold the debt on the Playa Vista property had previously said they would reach a definitive development agreement by today. But the day is expected to pass without a deal and negotiations will continue, according to Maguire Partners spokeswoman Peggy Moretti. “All parties remain hopeful” that a final deal will be reached soon, Moretti said. Maguire had avoided the possible loss of the property in a foreclosure sale earlier this month by reaching a preliminary development agreement with Morgan Stanley Group Inc.’s Real Estate Fund, Goldman, Sachs & Co.’s Whitehall Street Real Estate Fund, Pacific Capital and the Union Labor Life Insurance Co. The investment and insurance firms teamed up earlier this year to buy majority control of the approximately 1,000-acre Playa Vista site near Marina del Rey.