PROSPECTUS SUMMARY

       This summary highlights selected information about us. It may not contain all the information that may be important to you in deciding whether to invest in the series A preferred stock. You should read this entire prospectus, including our historical and pro forma financial statements and the information appearing under the caption “Risk Factors.” References in this prospectus to “we,” “our,” “us” and “our company” refer to Maguire Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Maguire Properties, L.P., a Maryland limited partnership of which we are the sole general partner and which we refer to in this prospectus as our operating partnership, and Maguire Properties Services, Inc., a Maryland corporation and wholly owned subsidiary of our operating partnership, which we refer to in this prospectus as our services company. Unless otherwise indicated, the information contained in this prospectus is as of September 30, 2003 and assumes that the underwriters’ over-allotment option is not exercised. Additionally, unless otherwise indicated, portfolio property data as of September 30, 2003 relating to square feet, tenants, leasing, rents, commissions, credits and allowances, lease expirations and parking includes such data for One California Plaza, a property we acquired on November 6, 2003, as described below.

Maguire Properties, Inc.

       We are the largest owner and operator of Class A office properties in the Los Angeles central business district, or LACBD, and are primarily focused on owning and operating high quality office properties in the high-barrier-to-entry Southern California market. We were formed in June 2002 to succeed to certain businesses of the Maguire Organization, a nationally recognized owner, developer and acquirer of institutional-quality properties in the Los Angeles area since 1965. Prior to our initial public offering of common stock, or IPO, on June 27, 2003, the Maguire Organization was comprised of Maguire Partners Development, Ltd. and its more than 125 predecessor and related entities, all of which were predominately owned by, or otherwise affiliated with, Robert F. Maguire III, our Chairman and Co-Chief Executive Officer. We are a full service real estate company, and we operate as a real estate investment trust, or REIT, for federal income tax purposes.

       Through our operating partnership, we own a portfolio of 13 commercial real estate properties, consisting of nine office properties with approximately 7.1 million net rentable square feet, one 350-room hotel with 266,000 square feet, and three off-site parking garages totaling 2,749 spaces and approximately 1.0 million square feet. In addition, our office portfolio contains approximately 2.3 million square feet of on-site parking totaling 8,065 spaces. We also own an undeveloped two-acre land parcel adjacent to an existing office property that we believe can support 300,000 net rentable square feet of office development.

       Our existing portfolio is located in three Southern California markets — the LACBD, the Tri-Cities area of Pasadena, Glendale and Burbank and the Cerritos submarket of Los Angeles County. Our portfolio includes five office properties in the prime Bunker Hill area of the LACBD — US Bank Tower (formerly Library Tower), Gas Company Tower, KPMG Tower, Wells Fargo Tower and One California Plaza — and three off-site parking garages. In the Tri-Cities, we own the Plaza Las Fuentes office and hotel properties in Pasadena, the Glendale Center office property in Glendale and a two-acre land parcel adjacent to the Glendale Center. In the Cerritos submarket, we own the Cerritos Corporate Center Phase I and Phase II properties, collectively known as the AT&T Wireless Western Regional Headquarters. As of September 30, 2003, our office portfolio was 92.2% leased to more than 200 tenants. As of September 30, 2003, tenants generating 47.5% of the annualized rent of our office portfolio were rated investment grade as reported by Standard & Poor’s, and tenants generating an additional 38.5% of the annualized rent of our office portfolio were nationally recognized professional services firms.

       Our management team possesses substantial expertise in all aspects of real estate management, marketing, leasing, acquisition, development and finance. We directly manage the properties in our portfolio, except for Cerritos Corporate Center Phases I and II, through our operating partnership and/or our services company. We provide development, leasing and/or management services to various properties that are owned or controlled by Mr. Maguire. We have options to purchase certain of these properties,

       Our principal executive offices are located at 555 West Fifth Street, Suite 5000, Los Angeles, California 90013-1010. Our telephone number at that location is (213) 626-3300. Our website is located at www.maguireproperties.com. The information found on, or otherwise accessible through our website is not incorporated into, and does not form a part of, this prospectus or any other report or document we file with or furnish to the Securities and Exchange Commission.

Recent Developments

       On September 15, 2003 we declared a dividend to common stockholders of record and our operating partnership declared a distribution to holders of record of common limited partnership units in our operating partnership, or units, in each case as of September 30, 2003, totaling $22,402,000, or $0.4176 per common share and common unit. This dividend consisted of a quarterly dividend of $0.40 per common share and common unit for the period from July 1, 2003 through September 30, 2003 and a pro rata dividend of $0.0176 per common share and common unit covering the period from the consummation of our IPO on June 27, 2003 through June 30, 2003. The dividend and distribution were paid on October 31, 2003. The dividend is equivalent to an annual rate of $1.60 per common share and common unit.

       On October 10, 2003, we sold a $72.0 million interest rate swap agreement associated with $72.0 million of the floating rate KPMG Tower mortgage for $1.6 million.

       On October 14, 2003, our subsidiary that is the fee simple owner of Glendale Center entered into a ten-year, interest-only $80.0 million mortgage loan with Greenwich Capital Financial Products secured by Glendale Center. This mortgage matures in November 2013 and bears interest at a fixed rate of 5.727% per annum.

       On November 6, 2003, a subsidiary of our operating partnership acquired One California Plaza, a 42-story, 981,662 foot office tower in the LACBD, from Metropolitan Life Insurance Company for aggregate consideration of $225.0 million. We funded this purchase with cash on hand and a seven-year, $146.3 million mortgage bearing interest at a fixed rate of 4.73% per annum provided by Metropolitan Life Insurance Company.

       On December 15, 2003, we declared a dividend to common stockholders of record and our operating partnership declared a distribution to common unit holders of record, in each case as of December 31, 2003, totaling $21,458,000, or $0.40 per common share and common unit, for the quarter ended December 31, 2003. The dividend and distribution are payable on January 30, 2004. The dividend is equivalent to an annual rate of $1.60 per common share and common unit.

Our Competitive Strengths

       We believe we distinguish ourselves from other owners, operators, acquirers and developers of office properties in a number of ways, and enjoy significant competitive strengths, including:

	•	Trophy Quality Portfolio. Our office portfolio consists of architecturally distinctive, Class A properties, including West Coast landmarks such as US Bank Tower and Gas Company Tower, which, based on current market rents and estimated construction costs, management believes could not be replicated on a cost-competitive basis today.
	•	Nationally Recognized Tenants. The high quality of our office portfolio attracts nationally recognized firms as tenants. As of September 30, 2003, 86.0% of our annualized rent was generated by tenants that were either rated investment grade by Standard & Poor’s or were nationally recognized professional services firms.
	•	Southern California Focus. All of our properties are located in the high-barrier-to-entry Southern California office market.
	•	Commanding Market Share. The concentration of our portfolio in the LACBD, and particularly the prime Bunker Hill section of the LACBD, provides us with a commanding share of the LACBD Class A office space market.
	•	Strategic Joint Ventures. We have had considerable experience in creating strategic joint ventures in order to mitigate acquisition and development risks, secure marquee anchor tenants and facilitate financing.
	•	Experienced and Committed Management Team. Our senior management team has an average of 21 years of experience in the commercial real estate industry and collectively owns a 20.0% interest in our company’s common equity on a fully diluted basis.

Business and Growth Strategies

       Our primary business objectives are to maximize distributable cash flow and to achieve sustainable long-term growth in cash flow per share in order to maximize long-term stockholder value. Our business strategies to achieve these objectives consist of several elements:

	•	Focus on Premier-Quality Properties. Our core strategy is to own, manage, acquire and develop buildings of exceptional quality that can achieve premium rents within our markets.
	•	Opportunistic Acquisition and Redevelopment. We intend to selectively acquire and redevelop existing office buildings that can be acquired at significant discounts to replacement cost, and reposition them into high-quality properties through architectural improvements and additional amenities.
	•	Fostering Strong Tenant Relationships. We foster strong tenant relationships with nationally recognized tenants through a commitment to serving tenant needs. Our substantial in-house marketing, lease-negotiation and design capabilities give us a competitive advantage in retaining existing tenants, attracting new tenants and replacing departing tenants quickly and efficiently.
	•	Capital Recycling. We will seek to raise low-cost equity capital by joint venturing our stabilized properties and reinvesting the proceeds into properties with higher growth potential.

Summary Risk Factors

       You should carefully consider the following important risks:

	•	Our properties are primarily office buildings, are all located in Los Angeles County, California and are geographically concentrated in the LACBD, making us more vulnerable to certain adverse events than if we owned a more diverse portfolio of assets.