MPG Office Trust Relieved of Obligation to Repay $110M Mortgage Loan

MPG Office Trust, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, announced that a trustee sale was held on September 6, 2012 with respect to 500 Orange Tower. As a result of the foreclosure, the Company was relieved of the obligation to repay the $110.0 million mortgage loan secured by the property, as well as accrued contractual and default interest on the mortgage loan. In addition, the Company received a general release of claims under the loan documents pursuant to an in-place agreement with the special servicer of the mortgage loan.