Maguire offers to take over 3 properties in fund

04/6/2010 | Wall Street Journal, The

Robert Maguire III, the former head of Maguire Properties ousted from his position two years ago, is offering to take over loans for three office buildings in the company's portfolio. He cited concerns that they might go into default in a letter to the current CEO, Nelson Rising. Rising will be conveying the offer to the board but appears to be doubtful as to the offer's value to the company. He does not want to sell two of the properties -- the KPMG Tower and the U.S. Bank Tower -- as they are core to the portfolio.

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