Maguire Properties Inc. disclosed in a regulatory filing Wednesday that it will lose as much as $53 million on two buildings that it agreed to sell this week.
Los Angeles-based Maguire, which is being pressed by some investors to consider an unsolicited buy-out offer, said it will record an impairment charge of $51 million to $53 million related to its sale of two 12-story office buildings at Main Plaza in Irvine. Maguire plans to sell the buildings to San Francisco-based Shorenstein Properties LLC for $211 million.
The buildings were part of a portfolio of former Equity Office Properties Trust properties that Maguire bought from Blackstone Group last year for $2.9 billion before the commercial real estate market softened.
Investor and hedge fund Third Point LLC has disclosed that Maguire received an unsolicited buyout bid of around $20 a share and has urged the company to consider the offer.
Another fund, JMB Capital Partners LP, reported to the SEC that it had acquired a 9.7 percent stake in Maguire and plans to seek control of the board. Maguire has lost 62 percent of its market cap so far this year.
Prior to the company's SEC filing, Maguire closed down $1.23, or 10 percent, to $11.14 in trading on the New York Stock Exchange.
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