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Maguire Properties Signs 45,000 Square Foot Lease Renewal with Reliance Steel & Aluminum Co.

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^{Published in Business and Finance on Friday, December 19th 2008 at 13:42 GMT, Last Modified on 2008-12-19 13:43:23 by 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 lease renewal to 2022 with Reliance Steel & Aluminum Co. for approximately 45,000 square feet at Two California Plaza located in downtown Los Angeles, California.

Mr. Nelson C. Rising, President and Chief Executive Officer, commented, "We are very pleased with the renewal of this tenant and the achieved rental rate. Reliance Steel's commitment to Two California Plaza solidifies Bunker Hill as the preferred business location in downtown Los Angeles offering tenants an extensive range of services and amenities. Ideally located near a number of transportation choices, tenants of Bunker Hill are within walking distance of some of the city's most attractive cultural venues."

Reliance Steel was represented by Mssrs. Clayton Hovivian and Bart Pucci and Mrs. Sonya Schmidt of Grubb & Ellis. Mssrs. Peter Johnston and Josh Wrobel 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.