Maguire Partners to Gain Full Stake in Tower

Real estate developer Maguire Partners said it had bought its partners’ interest to gain full ownership of KPMG Tower in downtown Los Angeles and obtained a $232-million mortgage loan in connection with the deal.

Wells Fargo & Co. and Aetna Life Insurance Co. sold their combined 60% stake in KPMG Tower, a 45-story high-rise at Grand Avenue and Fourth Street on Bunker Hill, to Maguire Partners, whose managing partner, Robert F. Maguire III, built the structure in 1984. The 1.1 million-square-foot structure is 95% leased, and its tenants include accounting firm KPMG, the Los Angeles Unified School District and law firm Munger, Tolles & Olsen.

Earlier this year the firm acquired its partner’s interest in another downtown property, the 73-story Library Tower, the tallest skyscraper on the West Coast.

Jesus Sanchez