Maguire Properties to Appoint New Chairman

By ALEX FRANGOS

Embattled real-estate investment trust Maguire Properties will likely appoint George Vandeman, a retired mergers and acquisition attorney, as its new chairman Thursday, according to people close to the company.

Mr. Vandeman, 68, has served as a Maguire director since October 2007. He will replace Walter Weisman, who is stepping down from the board. Mr. Vandeman was a senior partner at law firm Latham & Watkins, where he specialized in mergers and acquisitions.

Maguire Properties owns office buildings mostly in downtown Los Angeles and Orange County, Calif. It hit hard times following its debt-heavy acquisition of a portfolio of Orange County office buildings in 2007. That region has been hit hard by bankruptcy filings of mortgage lenders and other companies related to the housing industry, which are some of the area's largest office tenants.

Despite the recent credit market turmoil, Maguire has successfully refinanced and extended several loans on its buildings, including two loan extensions announced Wednesday on projects in Mission Valley and Irvine, Calif. The moves give the company breathing room to execute a turnaround strategy devised by its new chief executive, Nelson Rising.

Maguire's founder, Robert Maguire III, stepped down as chief executive in May. Mr. Rising, a veteran real-estate executive, took over and charted a plan to sell and refinance properties in an effort to lower the company's overall debt load, which is among the highest in the industry.

Write to Alex Frangos at alex.frangos@wsj.com