Macquarie Office Trust and Maguire Properties Inc. missed a $450,000 June payment on a California office building vacated by bankrupt Washington Mutual.
The Federal Deposit Insurance Corp., acting as Wamu’s receiver, relinquished about 250,000 square feet of space at the Quintana Campus in Irvine, California, leaving the property about 60% vacant, Los Angeles-based Maguire said. The campus is 80% owned by Sydney-based Macquarie and 20% by Maguire.
The property owners are in negotiations with the special servicer representing investors who bought Quintana’s debt in the form of commercial mortgage-backed securities, Maguire said yesterday. About $106m in CMBS financing for Quintana is scheduled to mature in December 2011, Maguire said.