Maguire Properties Announces Disposition of Orange County Office Building

Maguire Properties, Inc. (NYSE:MPG), a Southern California focused real estate investment trust, today announced that it has entered into an agreement to dispose of 18301 Von Karman, an 11-story office tower totaling 230,605 square feet in Irvine, California. The total value of the property is approximately $112.0 million and the disposition is expected to close in the fourth quarter of 2007. The agreement is being entered into with The Hearn Company founded in 1974 as a privately held entrepreneurial real estate firm whose core business is the development, management, and ownership of institutional grade commercial office property predominantly in the central and southwest United States. Mr. Robert F. Maguire III, our Chairman and Chief Executive Officer, commented, "This transaction demonstrates our commitment to our stated objective of disposing of certain properties and using a portion of the net proceeds to reduce our leverage. We are pleased with both the terms and timing of this disposition. We believe the attractive property financing secured at the time we acquired a portfolio of assets from Blackstone/EOP is enormously beneficial to our disposition program. The rates we secured simply cannot be duplicated in today’s market environment. Finally, we remain focused on reducing our debt levels to accomplish our balance sheet objectives.” About Maguire Properties, Inc. Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit the Company’s website at www.maguireproperties.com. Business Risks This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with the potential failure to manage effectively the Company’s growth and expansion into new markets, to complete acquisitions or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our Company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended and possible adverse changes in tax and environmental laws; and risks associated with the Company’s dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see our annual report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2007. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.