Maguire Properties Sells Irvine, Calif., Site

LOS ANGELES (AP) — Maguire Properties Inc. said Tuesday that it has sold its Park Place office property in Irvine, Calif., for $17 million.

The Southern California-focused real estate investment trust said it plans to use the proceeds from the sale of the 1.7 million square feet site for general corporate purposes.

Like some of its peers, Maguire faces mounting debt payments and lagging demand for office space and has been forced to sell off properties at a sharp discount.

Monday, the company reported a wider loss for the second quarter and said that it would default on mortgages for several office buildings in Orange County and Los Angeles and sell the properties or return them to lenders.

Shares of Maguire fell 3 cents to $1.01 in afternoon trading Tuesday.