Los Angeles-based Maguire Properties Inc. announced the sale of its City Plaza tower, a  327,000-square-foot office building in Orange County to Hudson Capital LLC. The  latter is a Los Angeles-based investment firm, founded by Victor Coleman, former president of Arden Realty Inc.

Maguire said that the disposition is part of the company’s previously announced plan to sell certain Orange County properties in order to eliminate project debt and funding obligations and improve Funds from Operations.

“We are extremely pleased to close this significant transaction, which eliminates in full our obligation under the project loan, funding obligations as well as operating losses, and as a result we will realize an improvement in FFO,” said Mr. Nelson C. Rising, President and Chief Executive Officer.

The company said, the sale was done in a cooperative arrangement with the property’s project lender and it facilitated the conveyance of the property. This was the Maguire’s second largest Orange County sale in the past month as part of the debt reducing plan.

City Plaza is a 18-story tower, which is located at the Block in Orange County, near the Garden Grove Freeway. Maguire acquired the property form the Blackstone Group in February 2007.

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