Real estate investment trust Maguire Properties has completed the sale of the Griffin Towers project in Costa Mesa.
The purchase price was not disclosed, but Maguire said that the sale allowed it to convert a $22 million mortgage payment due May 1 into an unsecured term loan. The property was acquired by a joint-venture of Lincoln Property Co. and Angelo Gordon & Co.
The sale is part of a strategy to sell assets and shore up the downtown Los Angeles company’s balance sheet, which has been hit hard by high office vacancies in its Orange County portfolio. Maguire Properties lost $576 million in the 12 months trailing Sept. 30.
“The company’s strategy has been to address its liquidity issues, extend debt maturities and increase leasing occupancy in its portfolio,” Chief Executive Nelson Rising said in a statement. “This transaction eliminated a near-term debt maturity and eliminated any future leasing costs and potential future cash short falls at the project.”
The Griffin Towers project consists of twin 14-story buildings with a total of 540,000 square feet of office space and a parking structure with space for 1,800 vehicles.
Shares of Maguire Properties were up 9 cents, or 2.6 percent, to $2.69 in afternoon trading on the New York Stock Exchange.