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MPG Office Trust's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: MPG

During the second quarter, two Glendale properties, 700 North Central and 801 North Brand went into the fall. These assets have replaced into special servicing during the first quarter. Subsequent to quarter end, the company requested that the nearby Glendale Center will be placed in the special servicing.

As I discussed on our last conference call, we requested that three downtown Los Angeles assets, Wells Fargo Tower, U.S. Bank Tower and Gas Company Tower be transferred into special servicing in order to initiate discussions regarding these loans with special servicers. Wells Fargo Tower is transferred into special servicing but the special servicer CWCapital have decided that discuss with respect to the asset are premature at this time and has sent the asset back to the master servicer.

U.S. Bank Tower was transferred to special servicing and remains in special servicing. The master servicer of the mortgage loan for Gas Company Tower, Wells Fargo has decided not to transfer the asset to special servicing at this time. It is important to note again that these three assets are not in default. This was a proactive step to commence discussions in an early stage with special servicers.

We have had discussions with the administrative agent for the KPMG Tower loan, which matures in October in 2012. The lending syndicate will not commit to extend the maturity date of the loan at this time. A refinancing of the loan along with the significant pay down will likely be required at maturity.

Switching now to leasing, during the second quarter we completed new leases and renewals for approximately 412,000 square feet including our pro rata share of our joint venture properties. A few lease transactions to note. We renewed three major tenants, (inaudible) JPMorgan Chase and Morgan, Lewis & Bockius at One California Plaza, a joint venture property representing the only 30% of the total renewal square feet of the building.

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