Maguire Unloads O.C. Properties

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Los Angeles-based Maguire Properties Inc. has agreed to sell 11 Orange County buildings to Bixby Land Co. for $345 million.


Maguire’s deal with the Newport Beach-based private real estate investment trust includes properties that Maguire agreed to purchase from Blackstone Group LP in a nearly $3 billion deal first reported by the Business Journal last month.


Maguire, the largest landlord downtown, is selling the properties to Bixby in part to finance its purchase of the 24-property Blackstone portfolio, according to a press release.


The buildings are located in Newport Beach, Seal Beach as well as Irvine. The deal also includes buildings and a development site at Inwood Park.


Maguire’s deal with Blackstone is expected to close later this month. The Bixby deal is expected to close this quarter.

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