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Maguire Properties sells office building -WSJ

Sun Jun 14, 2009 7:44pm EDT

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NEW YORK, June 14 (Reuters) - Los Angeles-based real estate investment trust Maguire Properties Inc (MPG.N) has sold a newly-developed office building in Irvine, Calif., for about $160 million, The Wall Street Journal reported on Sunday.

The price reflects an estimated 40 percent discount to the construction cost of the 3161 Michelson Drive building, the paper reported on its website.

New York-based real estate investment firm Emmes Group of Cos. has bought the 19-story building, which was completed in 2007 and is about 60 percent leased, the Journal reported.

The sale closed Friday, according to the paper.

A Maguire spokeswoman was not immediately available for comment.

(Reporting by Anupreeta Das; Editing by Bernard Orr)



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