MPG Office Trust Enters into Agreement to Sell U.S. Bank Tower in Downtown Los Angeles

Mon Mar 11, 2013 8:30am EDT

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LOS ANGELES--(Business Wire)--
MPG Office Trust, Inc. (NYSE: MPG) has entered into an agreement with an
affiliate of Overseas Union Enterprise Limited (Singapore Stock Exchange: OUE)
to sell U.S. Bank Tower and Westlawn Garage, each located in Downtown Los
Angeles, California. 

The purchase price is $367.5 million. The transaction is scheduled to close on
June 28, 2013, following the expiration of the tax protection period on June 27,
2013. The buyer has made a non-refundable deposit in the amount of $7.5 million.
The transaction is subject to customary closing conditions. Net proceeds from
the transaction are estimated to be approximately $103 million and will be
available for general corporate purposes, including potential loan rebalancing
in connection with the refinancing of the Company`s upcoming 2013 debt
maturities. 

MPG Office Trust, Inc.

MPG Office Trust, Inc. is the largest owner and operator of Class A office
properties in the Los Angeles central business district. MPG Office Trust, Inc
is a full-service real estate company with substantial in-house expertise and
resources in property management, leasing and financing. For more information on
MPG Office Trust, visit our website at www.mpgoffice.com. 

Business Risks

This press release contains forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These risks
and uncertainties include, without limitation: risks associated with our
liquidity situation, including our failure to obtain additional capital or
extend or refinance debt maturities; risks associated with our failure to reduce
our significant level of indebtedness; risks associated with the timing and
consequences of loan defaults and non-core asset dispositions; risks associated
with our loan modification and asset disposition efforts, including potential
tax ramifications; risks associated with our ability to dispose of properties
with potential value above the debt, if and when we decide to do so, at prices
or terms set by or acceptable to us; general risks affecting the real estate
industry (including, without limitation, the market value of our properties, the
inability to enter into or renew leases at favorable rates, dependence on
tenants` financial condition, and competition from other developers, owners and
operators of real estate); risks associated with the continued disruption of
credit markets or a global economic slowdown; risks associated with the
potential loss of key personnel (most importantly, members of senior
management); risks associated with our failure to maintain our status as a REIT
under the Internal Revenue Code of 1986, as amended, and possible adverse
changes in tax and environmental laws; and potential liability for uninsured
losses and environmental contamination. 

For a further list and description of such risks and uncertainties, see our
Annual Report on Form 10-K filed on March 15, 2012 with the Securities and
Exchange Commission. The Company does not update forward-looking statements and
disclaims any intention or obligation to update or revise them, whether as a
result of new information, future events or otherwise.

MPG Office Trust, Inc.
Peggy Moretti
Executive Vice President, Investor and Public Relations
213-613-4558 



Copyright Business Wire 2013

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