JMB Capital gains representation on Maguire Properties' board

By Lisa Kerner

Charlotte, N.C., July 29 - Maguire Properties, Inc. said it will elect four additional directors to its board of directors as part of its agreement with JMB Capital Partners Master Fund LP.

The board of the Los Angeles real estate investment trust will be temporarily increased to 10 members, with the following individuals elected to fill the new vacancies: Jonathan Brooks, Cyrus Hadidi, Paul Watson and a JMB Capital nominee to be named shortly.

In addition, Maguire said its nominating and corporate governance committee with nominate and recommend current directors Christine Garvey, Nelson Rising and George Vandeman, as well as Brooks, Hadidi, Watson and the yet-to-be-named JMB nominee, for election to one-year terms at the 2008 annual meeting.

Lawrence S. Kaplan, Andrea L. Van de Kamp and Walter L. Weisman will not stand for re-election, and the board will be reduced to seven members, according to form 8-K filed with the Securities and Exchange Commission.

JMB agreed to withdraw any proposal or proposed nominees or slate of nominees for consideration and will not make any other proposals or nominations to the company during the term of the stockholder agreement.

Brooks is the founder and general partner of JMB, and Hadidi is the co-portfolio manager and chief operating officer for the partnership. Watson is the retired vice chairman of Wells Fargo Bank NA.

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