Maguire Partners to Gain Full Stake in Tower
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Real estate developer Maguire Partners said it had bought its partners’ interest to gain full ownership of KPMG Tower in downtown Los Angeles and obtained a $232-million mortgage loan in connection with the deal.
Wells Fargo & Co. and Aetna Life Insurance Co. sold their combined 60% stake in KPMG Tower, a 45-story high-rise at Grand Avenue and Fourth Street on Bunker Hill, to Maguire Partners, whose managing partner, Robert F. Maguire III, built the structure in 1984. The 1.1 million-square-foot structure is 95% leased, and its tenants include accounting firm KPMG, the Los Angeles Unified School District and law firm Munger, Tolles & Olsen.
Earlier this year the firm acquired its partner’s interest in another downtown property, the 73-story Library Tower, the tallest skyscraper on the West Coast.
Jesus Sanchez
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