MAGUIRE INVESTMENTS OBTAINS $105M RECAPITALIZATION LOAN
(The following is a reformatted version of a press release issued by Maguire Investments and received via electronic mail. The release was confirmed by the sender.)
Maguire Investments Obtains $105M Recapitalization Loan for the Prestigious Water’s Edge Office Campus in Playa Vista Firm retains Jones Lang LaSalle to handle leasing at the premier property
LOS ANGELES., March 21, 2013 - Maguire Investments has obtained a $105 million loan for the recapitalization of Water’s Edge, a 6.5 acre amenity rich, creative office campus in the Los Angeles submarket of Playa Vista. The funds will be used for tenant improvements and leasing commissions for new leases on available space. The financing was arranged for Maguire by Rob Verrone of Iron Hound Management.
Maguire Investments has also retained Jones Lang LaSalle to handle the leasing at the premier property. Leading the leasing efforts for the property are Jones Lang LaSalle Los Angeles team members Chris Strickfaden, Anthony Gatti, Brian Niehaus and Jaclyn Ward.
Phase I of Water’s Edge, which includes two buildings totaling 260,000 square feet, has immediate availability for users ranging for 8,000 to 71,000 square feet, including the 50,000 square foot top floor featuring panoramic views from the ocean to the snow caps on Mt. Baldy. This property is also entitled for a 180,000-square-foot Phase II building which the company will start when preleasing is completed.
“We have the team and capital to aggressively get deals done at Water’s Edge,” said Rob Maguire, Chief Executive Officer, Maguire Investments “We offer a seamless and obstacle-free opportunity for companies to relocate to Los Angeles’ premier campus environment featuring spectacular views and abundant amenities.”
Designed by Gensler, Water’s Edge is Los Angeles’ premier creative office campus featuring unsurpassed amenities, breathtaking views and first-class ownership. The campus offers tenants a very desirable lifestyle environment with numerous onsite amenities, including a café, soccer field and 31,000-square-foot flagship LA Fitness with full court basketball, sand volleyball and an outdoor swimming pool which will open on the campus in summer 2013. Water’s Edge is situated adjacent to 350 acres of open space at the Ballona Preserve, providing vast biking and jogging trails leading to the Pacific Ocean. The property is ideally located with easy access from Pacific Coast Highway, I-405 Freeway and SR 90 Freeway.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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