Maguire Properties, a struggling Los Angeles-based REIT, sold a newly developed office building in Irvine, Calif., for about $160m, a price representing an estimated 40% discount to its construction cost.

The price of 3161 Michelson Drive, during a lean year for commercial real-estate sales, is the latest sign of the severe drop in values in the commercial real-estate market, which is threatening to become a major anchor around the economy

Wall Street Journal