Maguire's Search for Venture Partner Broadens.Developer Robert Maguire's search for a partner for his $1.6 billion real estate portfolio appears to have broadened beyond Equity Office Properties Trust Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. It was formed in 1976 by Samuel Zell [1] and in February 2007, was acquired by the Blackstone Group for $23 billion plus the assumption of . MaguirePartners spokeswoman Peggy Moretti declined comment on the negotiations or which other bidders may have presented themselves, but she confirmed the developer is interested in bringing in partners. "We are exploring opportunities that will likely end up in a venture with an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. ," she said. Others familiar with the talks said that Crescent Real Estate Equities Co. of Dallas and Toronto-based TrizecHahn Office Properties are seeking at least a piece of the portfolio. Spokespeople for TrizecHahn Office Properties and Crescent Real Estate Equities declined to comment. There is speculation that Maguire might be interested in divvying up his portfolio piecemeal. Moretti would not address that issue. Because Equity is the largest real estate investment trust in the country -- and has a relationship with Maguire Partners at the planned Water's Edge office complex in Playa playa or pan or flat or dry lake Flat-bottomed depression that is periodically covered by water. Playas occur in interior desert basins and adjacent to coasts in arid and semiarid regions. Vista -- many still believe that the REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). remains a good bet to make a deal with Maguire. Peter Adams William Peter Adams, PC, BA, M.Sc, Ph.D (born April 17, 1936 in the United Kingdom) is a Canadian politician, and a former Liberal Member of Canada's House of Commons. He was a Member of Parliament from 1993 until 2005, representing the riding of Peterborough in eastern Ontario. , Equity Office Properties senior vice president for the Pacific region, did not return phone calls seeking comment. Moretti denied suggestions that Maguire wants to unload his portfolio because of loan obligations on the downtown properties. There are no loan payments coming due that Maguire cannot pay, she said. Any transaction would keep Maguire involved in the properties, she added. According to documents circulated last month to select parties by representatives for Maguire, the properties under discussion include four downtown high-rises: Library Tower (1.43 million square feet), Gas Co. Tower (1.37 million square feet), Wells Fargo Tower (1.43 million square feet) and KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Tower (1.14 million square feet). Also for consideration is the Plaza Las Fuentes complex in Pasadena (196,617 square feet of office space and a 350-room hotel). Another office building in Dallas reportedly is on the table, as well. Moretti confirmed that Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. is Maguire's advisor in the pursuit of a joint venture and attorney Paul Rutter of Santa Monica firm Gilchrist & Rutter remains MaguirePartners' legal advisor. |
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