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Maguire Spikes As Shareholder Seeks To Raise Stake

The Associated Press

NEW YORK (AP) — Shares of Southern California office park developer Maguire Properties shot up Monday, following a report that an investor filed a request to buy up to a quarter of its preferred shares.

The Los Angeles-based real estate investment trust jumped 35 cents, or 39 percent, to close at $1.25, after earlier spiking as high as $1.73, a 92 percent jump from its Friday close of 90 cents. Trading volume on the session was nearly 2.9 million shares, more than three times its normal daily activity.

In after-hours trading, the stock gained 22 cents, or 18 percent, to $1.47.

During the regular trading session, the New York Stock Exchange asked the company to explain the unusual activity, but said Maguire cited company policy and declined to comment. A company representative did not immediately return a call seeking comment from The Associated Press.

The spike followed a published report noting that shareholder Winthrop Realty Trust is asking the Securities and Exchange Commission to waive an ownership limit, and allow Winthrop to buy up to 25 percent of Maguire's Series A cumulative redeemable preferred stock. The existing limit is 9.8 percent.

Boston-based Winthrop, which is also a REIT, currently owns 9.45 percent, according to the regulatory filing.

The request was filed with the SEC on Tuesday, but was noted in a report in Barron's on Saturday.