Maguire Properties rejects stock sale to competitor

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Maguire Properties Inc., the largest office landlord in downtown Los Angeles, rejected a request today from Boston-based Winthrop Realty Trust to buy a larger stake in the real estate investment trust.

After Winthrop announced its intentions, shares of Maguire jumped as much as 92% to $1.73 on the New York Stock Exchange before closing at $1.25, up 35 cents. L.A.-based Maguire declined Winthrop’s bid after the market closed.

Winthrop, also a real estate investment trust, already owns 9.5% of Maguire’s stock and hoped to increase its share to as much as 25%, according to filings with the Securities and Exchange Commission. Maguire lost $96.3 million, or $2.02 a share, in the fourth quarter as it struggled with heavy debt and an unforgiving office rental market.

-- Roger Vincent