LosAngelesSportsFan
November 13th, 2005, 03:29 AM
it will be a mixed use tower and likely will be at least 55 stories IMO.
Maguire’s Plans Draw Mixed Reaction From Wall Street
By ANDY FIXMER
Los Angeles Business Journal Staff
Rob Maguire is promising that next year will bring some big developments for his publicly traded L.A.-based company, Maguire Properties Inc.
The company is in the early stages of planning another billion-dollar joint venture to expand its holdings into office markets in Northern California and Washington, D.C., according to company officials during a conference call with investors last week.
Also, Maguire plans a significant amount of development next year. Some of those projects could include a hotel and condominium tower at 775 Figueroa Street in downtown L.A. and two new office buildings at the Lantana complex in Santa Monica.
In Orange County, Maguire wants to sell or arrange a joint venture for the development of 850 units of housing at Park Place, a 105-acre mixed-use complex in Irvine. Maguire has 3.5 million square feet of entitlements in Orange County.
“I believe in 2006 you’ll see significant development activity,” said Peggy Moretti, a Maguire spokeswoman. “You won’t necessarily see anything coming out of the ground, but there will be planning work and submitting plans on most of our parcels.”
Some of those plans aren’t going over well with Wall Street. John P. Kim and Ross Nussbaum, research analysts with Banc of America Securities, said they wish Maguire wouldn’t focus on new acquisitions.
“We are not fans of (Maguire’s) discussed plans to enter the Northern California and Washington, D.C. markets at this time – both are competitively priced, and it would dilute (the company’s) SoCal focus,” they wrote in a Nov. 9 report.
But they are fans of Maguire’s plans to reduce debt. “We … view (Maguire’s) development land bank as one of the most attractive in the sector, but the company appears more focused on acquisitions,” they wrote. “The main positive is that (Maguire) appears committed to keep leverage at mid-50 percent.”
Next year’s plans come on the heels of some large end-of-2005 deals for Maguire, who plans to use the proceeds for paying down debt.
Last week, the company closed a previously announced deal to sell land entitled for 566 residential units at Park Place to Bosa Development for $40 million.
Late last month, Maguire closed a $1.2 billion joint venture with Australian landlord Macquerie Office Trust that ceded an 80 percent stake in five Maguire-owned properties. The deal, expected to close by year’s end, is expected to generate net proceeds of $350 million for Maguire.
Maguire’s Plans Draw Mixed Reaction From Wall Street
By ANDY FIXMER
Los Angeles Business Journal Staff
Rob Maguire is promising that next year will bring some big developments for his publicly traded L.A.-based company, Maguire Properties Inc.
The company is in the early stages of planning another billion-dollar joint venture to expand its holdings into office markets in Northern California and Washington, D.C., according to company officials during a conference call with investors last week.
Also, Maguire plans a significant amount of development next year. Some of those projects could include a hotel and condominium tower at 775 Figueroa Street in downtown L.A. and two new office buildings at the Lantana complex in Santa Monica.
In Orange County, Maguire wants to sell or arrange a joint venture for the development of 850 units of housing at Park Place, a 105-acre mixed-use complex in Irvine. Maguire has 3.5 million square feet of entitlements in Orange County.
“I believe in 2006 you’ll see significant development activity,” said Peggy Moretti, a Maguire spokeswoman. “You won’t necessarily see anything coming out of the ground, but there will be planning work and submitting plans on most of our parcels.”
Some of those plans aren’t going over well with Wall Street. John P. Kim and Ross Nussbaum, research analysts with Banc of America Securities, said they wish Maguire wouldn’t focus on new acquisitions.
“We are not fans of (Maguire’s) discussed plans to enter the Northern California and Washington, D.C. markets at this time – both are competitively priced, and it would dilute (the company’s) SoCal focus,” they wrote in a Nov. 9 report.
But they are fans of Maguire’s plans to reduce debt. “We … view (Maguire’s) development land bank as one of the most attractive in the sector, but the company appears more focused on acquisitions,” they wrote. “The main positive is that (Maguire) appears committed to keep leverage at mid-50 percent.”
Next year’s plans come on the heels of some large end-of-2005 deals for Maguire, who plans to use the proceeds for paying down debt.
Last week, the company closed a previously announced deal to sell land entitled for 566 residential units at Park Place to Bosa Development for $40 million.
Late last month, Maguire closed a $1.2 billion joint venture with Australian landlord Macquerie Office Trust that ceded an 80 percent stake in five Maguire-owned properties. The deal, expected to close by year’s end, is expected to generate net proceeds of $350 million for Maguire.