has completed its acquisition of a 10-building portfolio of office buildings from an affiliate of CommonWealth Partners LLC for $1.51 billion. The L.A.-based real estate investment trust said the purchase was funded through the assumption of $155 million of mortgage financing, approximately $1.0 billion in new mortgage financing and proceeds from a $450 million term loan originated by Credit Suisse First Boston. Maguire Properties agreed to buy the portfolio on Jan. 28.
The acquisition includes 5 million square feet of office space, including the 1 million-square-foot trophy 777 tower in downtown Los Angeles, and four parcels of land entitled for another 1.5 million square feet. It enhances the L.A.-based real estate investment trust's position as the largest owner of Class-A office property downtown.
-Northrop Grumman Corp. and European Aeronautic Defence and Space Co. have formed the Eurohawk GmbH to build and market the Eurohawk unmanned reconnaissance plane, the Financial Times Deutschland reported. Both firms will hold a 50 percent share of the company. The Eurohawk will be the first unmanned reconnaissance plane deployed by the German military, which will begin using the planes in 2009.
-Salem Communications Corp. has named Joe D. Davis its executive vice president and chief operating officer, effective immediately. Davis has been executive vice president of radio for the company since 2003. With the addition of the title of chief operating officer, a position that has been vacant for the past few years, Davis will oversee all of Salem Communications' businesses. He will continue to report to Edward G. Atsinger III, president and chief executive officer of the Camarillo-based Christian radio broadcaster.
-CinemaNow Inc. , a Marina Del Rey-based video-on-demand company, announced agreements with Warner Music Group and TVT Records to sell music videos on a download-to-own basis via the newly launched service, WatchMusicHere.com. The service offers legal downloads for PCs and portable devices for $1.99 to $2.99 per video. The site will launch with 75 music videos, with over 1,500 additional titles expected to be available by December. In the past, the company has signed agreements with 20th Century Fox, ABC News, Disney, Lions Gate, MGM and Miramax to offer new and classic movies, television programs, concerts and music videos online.
-Hot Topic Inc. reported net income Wednesday of $17.4 million (38 cents per share) for the quarter ended Jan. 29, compared with restated earnings of $22.5 million (45 cents per share) for the year ago period. The City of Industry-based mall clothing retailer cited higher costs, lower same-store sales and continuing concern over its accessories division in its conference call on Wednesday.
Revenues for the quarter were up 9 percent, to $211.3 million, compared with $194.1 million a year ago. Like other retailers, Hot Topic had to restate past financial results to account for new lease accounting practices.
The company finished the year with 668 store locations, up from 554 stores in 2003. The company said it continues to plan to open 110 stores in 2005, including 45 of its Torrid stores, a line that specializes in plus-size teens.
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