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Old November 13th, 2005, 02:29 AM   #1
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Maguire to develop 775 site next year.

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.
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Old November 13th, 2005, 03:02 AM   #2
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Nice but any renderings? Anyway what's close to the site?, and what is the status of the 55 story tower? TY LosAngelesSportsFan, you always keep us up-to-date.
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Old November 13th, 2005, 05:14 AM   #3
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its not an official proposal yet, its just saying tht next year we will likely see a proposal for the site. if i had to guess, i would say it would be somewhere in the 55 story and up range, based on the towers around it, the location, the fact that its mixed use and the fact tht the market in DT LA is so hot right now.
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Old November 13th, 2005, 06:12 AM   #4
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I smell a 700-footer.
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Old November 13th, 2005, 07:41 AM   #5
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why not a 1,019 footer?
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Old November 13th, 2005, 09:15 AM   #6
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come on, get real.
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Old November 13th, 2005, 08:53 PM   #7
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Well, this developer has done alot for dntn LA, and is very specific about building large, and tall, signiture office towers. Also, most of there skyscraper developments, where designed by SOM. I'm not sure if this currently applies, but under the original entitlements,for the once known as Citicorp Plaza,development. Called for 3 office tower's, 2 of them 40 storys, at around 850.000 sq.ft. and the 3rd 38 storys, at just over 800.000 sq.ft.( this being the 775 site!) but the 777 tower got some of the sq,ft, to go to 54 floors,

But this developer gets (usually) what it asks of the City of Los Angeles.
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Old November 13th, 2005, 09:16 PM   #8
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Where exactly is this site?
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Old November 23rd, 2005, 03:03 PM   #9
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Quote:
Originally Posted by FROM LOS ANGELES
Where exactly is this site?

It's the third site in the ex Citicorp plaza development, the other two sites are occupied by the 41 floor Ernst and Young tower,(ex Citicorp tower) corner of 7th and Fig. and the 54 floor, 777 tower, corner of 8th and fig. site 3 is between the two others, a little over halfway between the 110 fwy and fig, between 7th and 8th streets. (rite in line with Francisco street's NE terminus) So when its built, it will dominate that view, it should be at least 600'
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Old November 23rd, 2005, 09:54 PM   #10
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^ it will blend in perfectly with the Metropolis project. That area will be fun to watch in a couple years.
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Old November 24th, 2005, 01:00 AM   #11
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So so nice. Imagine having a 55, 54, 38, 35, and 28 story buildings in the same area! If you loook at DTLA from Mullhuland Pass[ whatever is called], the Ernst and Young Plaza would be unseen. Also WOW, that is a lot of buildings for the area between the 110 and those other existing buildings.
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Old November 24th, 2005, 01:08 AM   #12
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That empty area will be filled in by Metropolis (55, 46, 42, 38) LA Live (55), this new Project (50 -60), Hanover (27), 9th and fig (38), Astanti Project (27, 27). Nice!

Last edited by LosAngelesSportsFan; November 24th, 2005 at 03:19 AM.
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Old November 24th, 2005, 01:21 AM   #13
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Thanks LosAngelesSportsFan, you're always so helpfull.
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Old November 24th, 2005, 03:18 AM   #14
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As I type this, I'm in 1055 W.7th Street on the 21st floor (building near 1100 Wilshire) and I have a clear view of downtown. I can see that construction of LA Live is under way, Staples is glowing..I think it's the Clippers tonight, and I can see the site of where that 755 might rise. Right now it's a parking structure. Metropolis is a parking lot..but that'll change. I wish you all could see the view. I can look down Wilshire and see all the way to Century City.
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Old November 24th, 2005, 06:15 AM   #15
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Quote:
Originally Posted by Threehundred
As I type this, I'm in 1055 W.7th Street on the 21st floor (building near 1100 Wilshire) and I have a clear view of downtown. I can see that construction of LA Live is under way, Staples is glowing..I think it's the Clippers tonight, and I can see the site of where that 755 might rise. Right now it's a parking structure. Metropolis is a parking lot..but that'll change. I wish you all could see the view. I can look down Wilshire and see all the way to Century City.
Yes,the view is awesome from the Centerwest towers, and the Wilshire corridor shot, in it's entirety, a must see.

I sometime's wonder what the inspiration was to some cityplanner, long ago, (say around 1920) to designate this street the only one in the city, to be zoned at 1-10 or above, for it's entire length, to create a skyscraper "spine" across the basin.

from this view, you can note that Los Angeles does have a substantial amount of skyscraper development within the basin
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Old November 24th, 2005, 09:40 AM   #16
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Luckyiest man in LA right now Threehundred. Btw, what do you mean with LA Live is well underway?, is the field land? is there bulldozers?
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Old November 24th, 2005, 07:35 PM   #17
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^ Bulldozers, a earthmover or two, and they are munching up the ground. Only reason I'm here is that my friend Nick works at Ikon and i come up here every now and then tp help him with computer stuff. I'll be back there Monday. But now it's time to eat...
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Old November 25th, 2005, 10:08 AM   #18
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Quote:
Originally Posted by TICONLA1
It's the third site in the ex Citicorp plaza development, the other two sites are occupied by the 41 floor Ernst and Young tower,(ex Citicorp tower) corner of 7th and Fig. and the 54 floor, 777 tower, corner of 8th and fig. site 3 is between the two others, a little over halfway between the 110 fwy and fig, between 7th and 8th streets. (rite in line with Francisco street's NE terminus) So when its built, it will dominate that view, it should be at least 600'
Right so your talking about 755 tower then? i don't see why people aren't calling it that....
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Old November 25th, 2005, 12:10 PM   #19
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im pretty syre that that 755 rendering is old and is not what will be built on that site. It will be a new project on the same site.
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Old November 25th, 2005, 07:14 PM   #20
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Well if thats the case then i am looking forward to nice see a nice new rendering even thou i liked the 755 rendering.
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