FONT-SIZE Plus   Neg

MPG Office Trust Enters Into JV Agreement With Affiliate Of Beacon Capital

MPG Office Trust, Inc. (MPG) said that it completed the previously announced transactions between MPG, Charter Hall Office REIT and affiliates of Beacon Capital Partners, LLC. As part of the transactions, MPG sold certain non-core assets and entered into a new joint venture agreement with an affiliate of Beacon Capital Partners, LLC.

At the closing of the transactions, MPG, together with Charter Hall Office REIT, sold its interests in Wells Fargo Center, located in Denver, Colorado, and San Diego Tech Center, located in San Diego, California.

In addition, MPG sold its development rights and an adjacent land parcel at San Diego Tech Center and received a payment in consideration for terminating its right to receive certain fees following the closing date. Net proceeds to MPG of approximately $44 million will be used for general corporate purposes.

The new joint venture between MPG and the affiliate of Beacon Capital Partners, LLC will continue to own interests in One California Plaza, located in Downtown Los Angeles, Cerritos Corporate Center, located in Cerritos, California, and Stadium Gateway, located in Anaheim, California. The new joint venture agreement provides for a three-year lockout period, during which time neither partner will have the right to exercise the marketing rights under the joint venture agreement. The company stated that it will continue to maintain a 20% interest in the new joint venture.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
It may be bad news for Etsy. The online source of cute, homespun crafts is not facing a cute, homespun rival. Online retail behemoth Amazon.com (AMZN) has rolled out its arts-and-crafts bazaar online aiming to snatch share in the growing handcrafted market. Amazon Handmade, a marketplace with more... In a surprise move, Jet.com Inc., which is being projected as the most promising challenge to Amazon.com Inc, abandoned its $50 annual membership fee. The discount-shopping site was launched three months back. Aiming for customers that prefer goods made with a little love, Amazon has launched Handmade, an online market selling artisan goods from around the world.
comments powered by Disqus
Follow RTT