MPG Office Trust Inc. said late Wednesday that it disposed of another office tower and refinanced a mortgage loan on a downtown Los Angeles trophy office property in its continuing efforts to shore up its finances.
The Los Angeles real estate investment trust, which has disposed of several properties in Orange County and outlying Los Angeles County in recent months, said that the deal to unload the 2600 Michelson Building in the Irvine Business Complex relieves it of the obligation to repay a $110 million mortgage loan.
MPG also said it refinanced a mortgage loan secured by One California Plaza, with a new $160 million facility that matures on July 1, 2016. The complex is owned by a joint venture between MPG and Charter Hall Office REIT, of which MPG has a 20-percent interest.
The facility consists of a fixed-rate $140 million mortgage loan and a $20 million floating-rate mortgage loan, proceeds of which will help pay for tenant improvements and other capital expenses.
Shares closed down 8 cents, or 2.5 percent, to $3.13 on the New York Stock Exchange.
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