Business and Finance Business and Finance
Mon, October 1, 2012

MPG Office Trust Announces Disposition of Two California Plaza


Published on 2012-10-01 13:46:20 - Market Wire
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LOS ANGELES--([ ])--MPGOfficeTrust, Inc. (NYSE: MPG), a SouthernCalifornia-focused real estate investment trust, announced that a trustee sale was held today with respect to Two California Plaza. As a result of the foreclosure, the Company was relieved of the obligation to repay the $470.0million mortgage loan secured by the property as well as accrued contractual and default interest on the mortgage loan. In addition, the Company received a general release of claims under the loan documents pursuant to an in-place agreement with the special servicer of the mortgage loan.

About MPGOfficeTrust, Inc.

MPGOfficeTrust, Inc. is the largest owner and operator of Class A office properties in the LosAngeles Central Business District. MPGOfficeTrust, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, leasing and financing. For more information on MPGOfficeTrust, visit our website at [ www.mpgoffice.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, without limitation: risks associated with our liquidity situation, including our failure to obtain additional capital or extend or refinance debt maturities; risks associated with our failure to reduce our significant level of indebtedness; risks associated with the timing and consequences of loan defaults and non-core asset dispositions; risks associated with our loan modification and asset disposition efforts, including potential tax ramifications; risks associated with our ability to dispose of properties with potential value above the debt, if and when we decide to do so, at prices or terms set by or acceptable to us; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenantsa financial condition, and competition from other developers, owners and operators of real estate); risks associated with the continued disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with joint ventures; risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination.

For a further list and description of such risks and uncertainties, see our AnnualReport on Form10-K filed on March15,2012 with the Securities and Exchange Commission. 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.

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