MPG Office Trust Completes Sale of U.S. Bank Tower in Downtown Los Angeles
LOS ANGELES -- June 18, 2013
MPG Office Trust, Inc. (NYSE: MPG) announced it completed the sale of
U.S.Bank Tower and the Westlawn Garage, each located in DowntownLos Angeles,
CA, to BeringiaCentral LLC, an indirect wholly owned subsidiary of
OverseasUnion Enterprise Limited.
The purchase price was $367.5million. Pursuant to recently negotiated
agreements with the unaffiliated OperatingPartnership unit holders, the tax
protection on this asset expired on June17,2013. Net proceeds from the
transaction were approximately $103million and will be available for general
MPG Office Trust, Inc.
MPG Office Trust, Inc. is the largest owner and operator of ClassA office
properties in the LosAngeles centralbusiness district. MPGOffice 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 MPGOffice Trust, visit our website at www.mpgoffice.com.
This press release contains forward-looking statements within the meaning of
Section27A of the SecuritiesAct of 1933, as amended, and Section21E of the
SecuritiesExchange Act of 1934, as amended. These forward-looking statements,
which are based on current expectations, estimates and projections about the
industry and markets in which we operate and beliefs and assumptions made by
management that involve risks and uncertainties that could significantly
affect the financial results of the Company. Words such as “expects,”
“anticipates,” intends,” “plans,” “believes,” “projects,” “seeks,” “estimates”
and variations of such words and similar expressions are intended to identify
such forward-looking statements, which are generally not historical in nature.
These risks and uncertainties include, without limitation: risks associated
with our ability to consummate the proposed merger and the timing of the
proposed merger; 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; 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 InternalRevenue 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
QuarterlyReport on Form10-Q filed on May9,2013 and our AnnualReport on
Form10-K filed on March18,2013 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, 213-613-4558
Executive Vice President, Investor and Public Relations
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