Maguire to Buy Office Complex

Maguire Properties Inc., which is preparing to become a publicly traded real estate investment trust, has agreed to buy a major Southern California office complex from Cousins Properties Inc. for $79.2 million, according to a regulatory filing Monday.

Maguire is to buy the Cerritos Corporate Center, also known as the AT&T; Wireless western regional headquarters, the company said in a filing with the Securities and Exchange Commission.

Maguire, based in Los Angeles, currently owns 23 office buildings with a total of 12 million square feet of space.

Part of Maguire’s $2-billion real estate portfolio is the 73-story Library Tower in downtown Los Angeles, the tallest building in the West.

In addition to the Library Tower, Maguire owns the landmark Gas Co. Tower and the prominent Wells Fargo Center in downtown Los Angeles, as well as a 350-room hotel and a number of parking garages.

The company also helped develop the Playa Vista project, one of the biggest planned communities in Los Angeles County.

Rounding out its portfolio are a few properties in the Dallas-Fort Worth area.

In all, Maguire has developed 30 million square feet over the last 20 years.

Atlanta-based Cousins Properties owns 14.2 million square feet of office and medical office space, 3.3 million square feet of retail properties and has 300 acres of land for future commercial development.

*

Bloomberg News was used in compiling this report.