Maguire Testing Brookfield's Patience

The drama at Maguire Properties (MPG Quote), a major Southern California office property owner in the midst of buyout discussions, has taken a strange turn.

The buzz of late is that the real estate investment trust is considering hiring commercial real estate veteran Nelson Rising as its new CEO, which may end up putting a logjam in Brookfield Properties' (BPO Quote) bid for a portfolio of Maguire's Los Angeles assets.

Maguire Properties shares have tumbled more than 50% off their 52-week high and now trade around $16.50. The company is facing high debt burdens and a difficult leasing market in Orange County because of layoffs in the mortgage industry. ...