Maguire Partners out as Arco suitors trimmed to four. (Real Estate).

THE Arco Plaza sweepstakes has been narrowed to four, with L.A.-based Commonwealth Partners LLC, Lowe Enterprises Inc. and Thomas Properties Group LLC making the short list.

Also making the cut is Chicago-based Walton Street Capital LLC, which just bought the 618,000-square-foot Union Bank Plaza.

The four are now the finalists to buy the option to purchase the 2.6-million-square-foot property from San Juan Capistrano-based Kings Capital LLC.

Two sources close to the deal confirmed a report from newsletter Real Estate Alert that Kings Capital, headed by investor Kenneth Picerne, had narrowed the bidders to the four companies. L.A.-based Maguire Partners, Boston-based Beacon Capital Partners Inc., which recently bought the 1.4-million-square-foot BP Plaza, and Houston-based Hines were also believed to be among the first round of bidders before the list was pared down.

"Kings is going to shave it down to one by close to the end of the month," said one of the sources.

Officials from Thomas did not return calls. Lowe officials declined comment. Kevin Dretzka, managing director at Eastdil Realty, which is marketing the option for Kings, declined comment.

Kings acquired an option giving it the right to buy Arco Plaza for $255 million by assuming $900 million worth of debt on a portfolio of properties held by Japanese real estate investment company Shuwa Corp., whose U.S. subsidiary, Shuwa Investments Corp., owns Arco Plaza, in March and April.

First round offers for the option were in the $25 million range, putting a preliminary value on Arco Plaza at $280 million, or $110 a foot. By comparison, Figueroa Plaza, Union Bank Plaza and BP Plaza all recently sold for $148 a foot, $170 and $193, respectively.

Staff reporter Danny King can be reached at [phone] ext. 230, or at [e-mail]