Maguire Properties Inc., the largest office landlord in downtown Los Angeles, on Tuesday rebuffed an offer from departed founder Robert F. Maguire to take over three of the company’s best properties.
Maguire is the real estate investment trust’s largest shareholder, but he left the company in May 2008 and is no longer a member of the board of directors.
In stern letters dated last week and Monday, Maguire criticized the current management of the company and implored his successor, Chief Executive Nelson Rising, to discuss Maguire’s proposal with the board. Maguire said that to avoid looming loan payments and potential tax obligations, the company should hand him control of KPMG Tower in downtown Los Angeles and sell him the 72-story U.S. Bank Tower downtown and the Plaza Las Fuentes office complex in Pasadena.
Rising said that Maguire’s offer was discussed by the board Tuesday but no action was taken. “We had a very full agenda,” Rising said.
• Read the full Los Angeles Times story.
• Read an earlier story by the Wall Street Journal.
