Maguire Properties Completes Lease Termination Agreement with ConAgra Foods

Business Wire, Jan 12, 2007

- Company to Recognize $18.5 Million Lease Termination Fee in Fourth Quarter 2006 -

LOS ANGELES -- Maguire Properties, Inc. (NYSE: MPG), a southern California focused real estate investment trust, today announced that is has completed an agreement with ConAgra Foods Inc. (NYSE: CAG), one of North America's largest packaged food companies, to terminate its lease for substantially all of the space it occupied at Park Place in Irvine, California, effective December 31, 2006. Maguire Properties received an early lease termination fee of approximately $18.5 million on December 29, 2006, and will receive additional payments totaling $1.7 million through August 31, 2010 in connection with the termination agreement. The Company will recognize the termination fee revenue along with a related charge for unamortized ConAgra deferred lease costs in the Company's fourth quarter 2006 operating results.

The net square footage terminated with ConAgra is approximately 393,000. However, subleases exist with E*Trade Bank and New Century Financial Corporation for approximately 48,000 and 78,000 square feet, respectively, of this space which will remain in place. Maguire Properties is marketing the remaining 267,000 square feet of space not currently subleased.

Mr. Robert F. Maguire III, our Chairman and Chief Executive Officer, commented, "ConAgra has been a highly valued tenant and with their consolidated move to Omaha we will miss the opportunity to serve them at Park Place. The rental and parking rates for this lease were significantly below current market rates and we believe we will be able to find new tenants at substantially higher rental and parking rates. The Orange County office market continues to be one of the best in the U.S. with approximately 7% direct vacancy in the Greater Airport Area and an excellent opportunity for considerable rental rate growth. Additionally, Maguire achieved an average rental rate growth of approximately 15% in 2006 in its 94% leased Orange County portfolio."

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 16, 2006. 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.