Maguire Stock Slips on News of Missed Mortgage Payment

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Shares of Maguire Properties Inc. declined 11 percent in mid-morning trading after an article in the Wall Street Journal online said the company had failed to make the June mortgage payment for an office building.

The newspaper, citing an unnamed source familiar with the matter, identified the property as the Quintana campus in Irvine. The building was fully leased by Washington Mutual Bank, now under federal receivership.

According to the report, Maguire owns 20 percent of the property; the other 80 percent belongs to MacQuarie Office Trust based in Australia.

On Monday, Maguire announced the sale of another property in Irvine. After the announcement, Maguire’s stock gained 47 percent to close Monday at $1.57.

The company has announced a strategy of selling properties outside its downtown Los Angeles base to pare down its debt load.

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