Bank of America sued Maguire Properties, the largest office landlord in downtown Los Angeles, in a foreclosure action seeking control of a 16-story building.
Maguire, based in Los Angeles, missed $1.68m in payments on 2600 Michelson in Irvine, California, Bank of America said in a complaint filed Nov 10. The bank loaned $95m against the property and Maguire missed payments in August, September and October, according to the complaint.
Maguire said in August it may relinquish control of seven Southern California buildings with $1.06bn of debt. The company’s shares have dropped 13% in the past year. It’s trying to sell buildings to pay debt incurred in 2007 when it bought 24 office properties and 11 development sites from Blackstone Group LP.