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Maguire Properties Signs Approximately 55,000 Square Foot Lease with Jones Day

^{Published on 2008-12-08 07:36:14 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Maguire Properties, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, announced today it has executed a new lease for the law firm of Jones Day for approximately 55,000 square feet in the 3161 Michelson building in Park Place in Orange County, California. Jones Day is expected to occupy its new space in the third quarter of 2009.

Designed by architect Richard Keating, the 3161 Michelson project is an architecturally significant, 20-story tower and features attractive freeway visibility with an unparalleled signage opportunity.

Mr. Nelson C. Rising, President and Chief Executive Officer, commented, "We are very pleased with the execution of this lease. Jones Day joins a roster of prestigious tenants whose selection solidifies 3161 as the premier office building in Orange County and the first choice for firms wanting to be at the forefront of their industry to take advantage of extensive tenant amenities in an ideal location."

Park Place is a 105- acre real estate campus project that is expected to be fully developed over the next four to six years. The mixed-use property which will include new office, hotel, new high-end residential units and expanded retail is located in the city of Irvine, adjacent to the Santa Diego 405 Freeway at Jamboree Road and Michelson Drive in the commercial center of Orange County

Jones Day was represented by Mr. Royce Sharf in Studley's Orange County office. Msrrs. Peter Johnston and John Bendetti represented Maguire Properties in the transaction.

About Maguire Properties, Inc.

Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit the Company's website at [ www.maguireproperties.com ].

Business Risks

This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with the potential failure to manage effectively the Company's growth and expansion into new markets, to complete acquisitions or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with the Company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the Company's dependence on key personnel whose continued service is not guaranteed.

For a further list and description of such risks and uncertainties, see our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 28, 2008. The Company does not update forward-looking statements and disclaims any intention or obligation to update or revise them, whether as a result of new information, future events or otherwise.