MPG Office Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript
On December 2, 2011, the company completed an $11.25 million mezzanine financing secured by our Plaza Las Fuentes office property in Pasadena, California.
On February 2nd, trustee sales foreclosures of two of our Glendale assets, 700 North Central and 801 North Brand, were completed. As a result, the company was relieved of the $27.5 million mortgage loan secured by 700 North Central and the $75.5 million mortgage loan secured by 801 North Brand. MPG received full releases on these assets pursuant to previously negotiated agreements with the special servicer.
As of January 17, 2012, Glendale Center was in default. We are having discussions with LNR, the special servicer for Glendale Center. We have nothing to report at this time with respect to such discussions.
Following a notice of imminent default from us in December 2011, the 3800 Chapman loan was transferred into special servicing. We are having discussions with CWCapital, the special servicer for 3800 Chapman. We have nothing to report at this time with respect to such discussions.On behalf of CWCapital, Eastdil Secured continues to market Stadium Towers and 500 Orange Tower in Orange County. It is unclear at this time whether CWCapital will decide to sell these assets. In the event that CWCapital chooses not to sell these assets, they require pursuant to previously negotiated agreements to acquire the properties either by foreclosures or deeds-in-lieu of foreclosure by June 2012 on Stadium Towers and by September 2012 on 500 Orange Tower. MPG would receive a general release of any potential liability. We continue to have discussions with CWCapital, the special servicer for Two California Plaza. We have nothing to report at this time with respect to such discussions. As to our leasing efforts, we completed new leases and renewals for approximately 278,000 square feet, including our pro rata share of our joint venture properties. A few highlights include the renewal of Bingham McCutchen for approximately 80,000 square feet at KPMG Tower; and Richards Watson for approximately 45,000 square feet, also at KPMG Tower. At 777 Tower, Arnold & Porter renewed approximately 50,000 square feet and Wilmer Cutler renewed approximately 25,000 square feet at Two California Plaza. Read the rest of this transcript for free on seekingalpha.com
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