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                                                                   Exhibit 10.64


                   PROPERTY MANAGEMENT AND LEASING AGREEMENT
                             (ONE CALIFORNIA PLAZA)


    THIS PROPERTY MANAGEMENT AND LEASING AGREEMENT (the "Agreement") is made as
of the 6th day of November, 2003, by and between MAGUIRE PROPERTIES -- ONE CAL
PLAZA, LLC, a Delaware limited liability company (hereinafter referred to as
"Owner"), and MAGUIRE PROPERTIES, L.P., a Maryland limited partnership
(hereinafter referred to as "MANAGER"), with respect to the following:

    WHEREAS, Owner owns the ground leasehold interest in that certain tract or
parcel of land situated in Los Angeles County, California more particularly
described in that certain Lease of Phase 1A, dated as of August 26, 1983, by and
between The Community Redevelopment Agency of the City of Los Angeles,
California (the "Ground Lessor"), as lessor, and Bunker Hill Associates ("BHA"),
as lessee, as amended by that certain First Amendment of Lease of Phase 1A,
dated as of September 13, 1985, by and between the Ground Lessor and BHA, that
certain Second Amendment of Lease of Phase 1A, dated as of December 29, 1989, by
and between the Ground Lessor and Grand Avenue Associates, and as modified by
Quitclaim Deed dated July 8, 1986 executed by Grand Avenue Associates in favor
of the Ground Lessor, by that certain Quitclaim Deed, dated as of May 1990,
executed by Grand Avenue Associates in favor of California Plaza Hotel L.P., and
the Ground Lessor, and by that certain Grant of Easements dated as of May 1990
executed by Hotel L.P. and the Ground Lessor in favor of Grand Avenue Associates
(together with all rights and appurtenances pertaining to such property and all
improvements situated thereon, the "Project"); and

    WHEREAS, Owner desires to engage Manager to manage, operate and lease the
Project, and Manager desires to accept such engagement upon the terms set forth
herein.

    NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises and covenants contained herein, Owner and Manager hereby agree as
follows:

                                   ARTICLE I.
                                EXCLUSIVE AGENCY

    Owner hereby appoints Manager as the sole and exclusive leasing agent,
rental agent and manager of the Project and Manager hereby accepts such
appointment, upon the terms set forth herein.


                                  ARTICLE II.
                               TERM OF AGREEMENT

    The term of this Agreement shall commence on the date hereof, and shall
continue for a period of three (3) years thereafter ("Initial Term"). Upon the
expiration of the Initial Term, this Agreement shall automatically renew on the
identical terms set forth herein for successive periods of one year each. The
"TERM" of this Agreement shall include the Initial Term and any successive
period for which this Agreement is in effect. This Agreement may be terminated
prior to the expiration of the Term only upon the occurrence of one of the
events set forth in Section 11.1 below.
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                                  ARTICLE III.
                                  ANNUAL PLAN

     3.1  Annual Plan. On or before December 1 of each calendar year during the
Term, Manager shall prepare and submit to Owner for its approval a proposed
annual plan for the promotion, operation, leasing, repair and maintenance of
the Project for each calendar year (the "Proposed Annual Plan"). For purposes
of this Agreement, a "Fiscal Year" shall mean a calendar year beginning on the
first day of January and ending on the last day of December. Each Proposed
Annual Plan shall include, among other matters:

          (a)  an "Operating Budget" which shall set forth, among other
matters, anticipated cash income and expenditures and reserve additions for
such Fiscal Year;

          (b)  a "Capital Budget" which shall set forth, among other matters,
anticipated and proposed capital expenditures for such year and the source of
funds in respect thereto;

          (c)  a "Leasing Plan" which shall include, among other matters, a
statement of the space that Manager projects to be leased during such year, the
projected minimum rent to be obtained for such space and the other financial
provisions of such projected leases (including free-rent periods, rent
abatements, contributions towards taxes and expenses and escalation provisions);

          (d)  a "Capital Expense Timeline" setting forth anticipated estimated
capital advances by Owner to Manager; and

          (e)  a summary of any other significant activity Manager expects to
undertake during such Fiscal Year.

     3.2  Approval of Proposed Annual Plan. Within in fifteen (15) days of
Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in
writing its approval or disapproval of all matters contained in the Proposed
Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed
Annual Plan shall include a reasonably detailed explanation of the reasons for
such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager
shall submit to Owner a revised annual plan within ten (10) days of its receipt
of Owner's written disapproval. Manager shall make a good faith effort to have
such revised annual plan satisfy each of the objections set forth in Owner's
written disapproval. Upon written approval of a proposed or revised annual plan
by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding
year for the purposes of this Agreement; provided, however, that if Owner and
Manager cannot agree upon an Annual Plan or certain aspects thereof prior to
January 1 of the succeeding year, the Annual Plan from the prior year shall
govern to the extent of such disputed items (with appropriate adjustments based
on increases or decreases in the yearly Consumer Price Index as published each
January by the U.S. Department of Labor, Bureau of Labor Statistics and the
actual amount of expenses not within the control of Owner or Manager such as
real property taxes and personal property taxes). The parties acknowledge and
agree that each Annual Plan shall provide sufficient funds for Manager to
operate the Project in a manner consistent with that for the operation of
similar first-class office buildings in Los Angeles, California.

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     3.3  Amendments to Annual Plan. Manager shall submit to Owner any proposed
revisions in the Annual Plan, all of which shall be subject to Owner's approval.
Any approved changes will be reflected in an amended Annual Plan which shall be
applicable for the remainder of the applicable Fiscal Year. However, nothing in
this Section 3.4 shall be construed as releasing Manager from its obligation to
manage the Project in accordance with the Annual Plan.

     3.4  Obligation and Authority to Implement Annual Plan. Once approved,
Manager shall implement the Annual Plan, and shall be authorized without the
need of further approvals to make the expenditures and incur the obligations
provided for in such Annual Plan.

     3.5  Performance Within Annual Plan. Manager shall use reasonable diligence
and employ commercially reasonable efforts to ensure that the actual costs of
maintaining and operating the Project shall not exceed the Annual Plan either in
total or in any accounting category. All expenses must be charged to the proper
account on either the operating budget or capital budget reflected in the Annual
Plan, and no expense may be classified or reclassified for the purpose of
avoiding an excess in the annual budgeted amount of any accounting category.
Pursuant to Section 6.5 below, Manager shall obtain Owner's prior written
consent to any expenditure which costs (i) in excess of 5% for any line item in
the budgets included in the Annual Plan, or (ii) $25,000, whichever is less, and
is not reasonably contemplated in the Annual Plan.

                                   ARTICLE IV.
                                   ACCOUNTING

     4.1  Books and Records. Manager shall maintain adequate and separate books
and records for the Project on behalf of Owner, with sufficient supporting
documentation to ensure that all entries in the books and records are accurate
and complete. Such books and records shall be maintained by Manager at Owner's
address stated herein or at such other location as may be mutually agreed upon
in writing, except such documents used in the day-to-day operation of the
Project by Manager in the performance of its obligations hereunder which may be
maintained at the Project for the benefit of Owner. Manager shall exercise such
control over accounting and financial transactions as is reasonably required to
protect Owner's assets from theft, error or fraudulent activity on the part of
Manager's associates or employees. Losses arising from such instances are to be
borne by Manager.

     4.2  Accounting, Reports and Financial Statements. Manager shall perform
such accounting and financial reporting services regarding the Project which is
normally provided with respect to first-class office buildings in the area and
any additional accounting and financial reporting services which are required
pursuant to the documents and agreements governing Owner's lending relationships
("Loan Compliance Requirements"). Without limiting the generality of the
foregoing, Manager shall, by the final day of each month, prepare and provide to
Owner monthly operating reports for the immediately preceding month (each, a
"Monthly Report"), including, (i) an unaudited year-to-date financial statement;
(ii) statement of net operating income, (iii) summary of all lease activity,
(iv) a balance sheet, (v) a calculation of the Management Fee (as defined
below), (vi) a comparison of monthly and year-to-date actual income and expense
with the operating budget in the Annual Plan and, (vii) on a quarterly basis
only, an analysis of any significant variances between budgeted and actual
amounts. If requested

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by Owner, Manager shall also, within ninety (90) days after the end of any
Fiscal Year, prepare and provide to Owner annual financial statements and, at
Owner's cost and expense, cause such statements to be audited. Upon request by
Owner, Manager shall prepare and supply to Owner periodic cash flow forecasts.
Manager shall also provide to Owner coordination for external and internal
audits, tax planning and compliance in a manner and form mutually agreeable by
Owner and Manager, and Manager shall provide additional information reasonably
required by individual partners of Owner for their financial statement purposes
for an amount equal to the cost of obtaining such work.

     4.3  Copies of Documentation.  Manager shall maintain, and make available
to Owner upon reasonable notice at the place of business maintained by Manager
the following:

          (a)  All bank statements, bank deposit slips and bank reconciliations,

          (b)  Cash receipts and disbursement records,

          (c)  Trial balance,

          (d)  Paid invoices,

          (e)  Summaries of adjusting journal entries, and

          (f)  Supporting documentation for payroll, payroll taxes and employee
benefits.

                                   ARTICLE V.
                               LEASING ACTIVITIES

     Manager shall be the exclusive leasing agent of the Project, and shall
perform all leasing functions relating to the Project. As provided in Article IX
hereof, Manager shall be paid for such leasing activities in conformity with
Schedule 5 to this Agreement, which amounts shall be in addition to the
compensation otherwise payable to Manager hereunder. Without limiting the
generality of the foregoing, Manager's leasing function includes the following:

     5.1  Leasing.  Manager shall use commercially reasonable efforts to lease
all space in the Project which is now vacant, becomes vacant or is projected to
become vacant during the Term, subject to the limitations imposed by the Annual
Plan, and Manager's responsibilities shall include lease negotiation
coordination, tenant improvement coordination, governmental liaison, opening
activities, tenant liaison, facilitating tenant move-in and similar activities.
Manager may, in its sole discretion, engage the services of other outside
cooperating real estate brokers to lease space in the Project on behalf of Owner
and who shall be paid by Owner such commissions as may be included in the Annual
Plan or are otherwise established by Owner and Manager from time to time.
Manager shall, so far as possible, procure references from prospective tenants,
investigate such references and use its best judgment in the selection of
prospective tenants. Where appropriate, upon the occurrence of a vacancy or a
projected vacancy, Manager will prepare and disseminate adequate rental
listings. After a vacancy is listed, Manager will cooperate with brokers in an
effort to aid in successfully filling the vacancy.



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Manager shall establish procedures to ensure that ample time is available to
renew existing leases or obtain new tenants in an effort to minimize vacancies
and loss of income.

     5.2  Lease Negotiations.  Owner shall refer all inquiries concerning the
rental of space in the Project to Manager. All negotiations with prospective
tenants shall be conducted by Manager or under its direction. All leases shall
be prepared by Manager in the name of Owner and shall be in accordance with such
leasing guidelines as Owner and Manager shall agree upon from time to time.
Manager shall secure Owner's prior written approval before entering into any
lease that is not in compliance with the leasing plan set forth in the Annual
Plan. All leases shall be presented to and executed by Owner. Manager shall duly
and punctually comply with all the obligations of Owner under all leases with
tenants of space in the Project, but solely on behalf of Owner and at Owner's
expense.

     5.3  Advertising and Promotion.  Manager shall prepare all advertising and
promotional materials for the Project, which materials shall be used only after
Owner's approval and shall comply with all applicable laws, ordinances and
regulations. The costs of all advertising and promotional materials shall be at
Owner's sole cost and expense and shall either be in accordance with the
Approved Operating Budget or otherwise approved by Owner in writing.

     5.4  Rates.  Rental rates for space in the Project shall be established by
Owner. Manager shall, promptly following the execution of this Agreement and
from time to time thereafter, provide market information and general office
space rental rate surveys and make recommendations to Owner with respect to
rental rates.

     5.5  Lender Approval.  Manager shall assist Owner, as requested, in
obtaining any approvals of proposed leases for the Project, the tenants and the
terms thereof which may be required from the Project's lenders, including senior
financing, mezzanine level financing or preferred equity (each, a "Lender" and
collectively, "Lenders") in accordance with the terms of the applicable loan
documents.

                                  ARTICLE VI.
                             MANAGEMENT OF PROJECT

     Manager shall manage, operate and maintain the Project in accordance with
the general standards applicable to other first-class office buildings in the
area and in accordance with Loan Compliance Requirements. Without limiting the
generality of the foregoing, Manager's functions hereunder shall include the
following:

     6.1  Manager Orientation.  Manager has informed itself with respect to the
layout, construction, location, character, plan and operation of the lighting,
heating, plumbing, ventilating and elevator systems and any other mechanical
equipment and systems in the Project, and is familiar therewith, and shall be
responsible for enforcement of all warranties and guaranties pertaining to the
equipment of the Project, provided Owner has made available copies of all such
warranties or guarantees to Manager.

     6.2  General Management Duties.  Manager shall manage the Project in an
efficient and businesslike manner having due regard for the age and physical
condition of the Project.



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Manager, through its employees, independent contractors and subcontractors,
shall supply complete operational services for the Project, provided that the
nature and costs of such services are included in the then current Approved
Budgets, and provided further that the cost of such services are comparable
with general prevailing market conditions. Notwithstanding anything contained in
this Agreement to the contrary and as reasonably requested by Owner, Manager
shall perform its obligations under this Agreement in a manner which does not
cause Owner to violate any of its obligations under Owner's organizational
documents or any loan documents with Lenders; provided, however, (i) that Owner
shall make all such documentation available to Manager for its review; and (ii)
that such requests shall not materially increase Manager's obligations or its
non-reimbursable expenses under this Agreement.

     6.3  Subcontracting for Service.   Manager shall be entitled to subcontract
with Maguire Properties Services, Inc., a Maryland corporation, a wholly-owned
subsidiary of Manager, or another affiliate of Manager (a "Subcontractor"), to
perform or cause to be provided any of the services required of Manager
hereunder; provided, however, that no such subcontract shall relieve Manager
from its obligations to Owner under this Agreement. All payments made by
Manager to a Subcontractor pursuant to any such subcontract shall be
reimburseable by Owner in accordance with the Annual Plan and the terms hereof.

     6.4  Rent Collection.    Subject to the Loan Compliance Requirements and
any "Cash Management System" (as hereinafter defined), Manager shall use
diligent efforts to collect for the account of Owner all rents and other
charges which may become due at any time from any tenant or from others for
services provided in connection with or for the use of the Project or any
portion thereof, and as directed by Owner, shall institute collection and legal
proceedings in the name of Owner for the collection thereof and for the
dispossession of tenants and other persons form the Project. All attorneys'
fees (including charges and disbursements incurred by counsel) and other third
party out-of-pocket costs incurred in connection with such proceedings shall be
borne by Owner. Manager shall collect and identify any income due Owner from
miscellaneous services provided to tenants or the public including, but not
limited to, parking income, tenant storage, and coin operated machines of all
types. Notwithstanding the foregoing, Manager shall collect rents and deposit
same or cause rents to be collected and deposited in the manner required by the
Loan Compliance Requirements.

     6.5  Repairs and Maintenance. Manager shall, in the name of and at the
expense of Owner, make or cause to be made on behalf of Owner such ordinary
maintenance, repairs and alterations as Manager may deem advisable or
necessary, subject to and within the limitations of the Operating Budget. Such
duties shall include, without limitation, interior and exterior cleaning,
painting, plumbing, carpentry, engineering, landscaping and such other normal
maintenance and repair work as may be necessary or desirable. However, unless
contained in the Annual Plan, Manager shall secure Owner's prior written
approval before making or authorizing any expenditure which costs (i) in excess
of 5% for any line item in the budgets included in the Annual Plan, or (ii)
$25,000, whichever is less, and is not reasonably contemplated in the Annual
Plan; provided, however, that Manager may make expenditures in excess of the
foregoing restrictions in the event of an emergency if, in the opinion of
Manager, such repairs are necessary to (a) protect the Project, (b) maintain
services to tenants as called for in their leases, (c) avoid property damage to
the Project or any improvements benefiting or appurtenant thereto, and (d)
avoid personal injury or death to persons at or around the Project.



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Manager shall promptly advise Owner's designated representative regarding any
expenditures for such emergency repairs by notifying a person designated by
Owner for such purpose. The authority provided to Manager in this Section 6.5
shall not extend to expenditures of the type described in Section 6.6 below or
to expenses to refurbish, rehabilitate or remodel areas covered by new leases.
The latter expenditures are subject to the prior approval of Owner at the time
of execution of new leases. Manager shall promptly inform Owner of major
increases in repair and maintenance costs not reflected in the Annual Plan.

     6.6  Capital Improvements; Tenant Improvements. Any significant
development, capital improvement projects or tenant improvement projects shall
be administered and supervised by Manager or an affiliate thereof engaged by
Owner pursuant to a separate written development agreement. Notwithstanding the
foregoing, Manager shall, in the name of and at the expense of Owner, make or
cause to be made such capital improvements to the Project as are included in the
Capital Budget or are otherwise approved by Owner, as well as all remodeling and
refurbishing of tenant premises as approved by Owner in connection with new
leases. Manager shall make recommendations, select contractors and follow bid
procedures as required, from time to time, by Owner and shall supervise all such
work to ensure compliance with contract requirements and applicable law;
provided, however, that contractors selected by Manager pursuant to this Section
6.6 shall be limited to those included on a list of contractors which has been
pre-approved by Owner. For all such capital improvement projects, development
work or tenant improvement projects, Manager shall be paid a coordination fee as
set forth on Schedule 2 attached hereto.

     6.7  Service Contracts. Manager shall, in the name of and at the expense of
Owner, contract for those utilities and other building operation and maintenance
services Manager shall deem advisable; provided that no service contract shall
be for a term exceeding one year without the prior written approval of Owner,
and the cost of all such services shall be included in the Operating Budget or
otherwise approved in writing in advance by Owner. Further, at the time of
execution of any service contract, the cost of the services to be provided under
such contract shall be comparable with general prevailing market conditions.
Manager shall, at the Owner's expense, purchase and keep the Project furnished
with all necessary supplies. All expenses shall be charged to Owner at net cost,
and Owner shall be credited with all rebates, refunds, allowances and discounts
allowed to Manager. No service contracts with any affiliate of Manager or any
affiliate of any of the members of Owner shall be entered into except in
accordance with the Loan Compliance Requirements and this Agreement.

     6.8  Tax and Mortgage Payments. If requested by Owner, Manager shall
obtain, verify and pay from Project Income (as defined below) all bills for
payments due under all mortgages, real estate, personal property and improvement
assessments with respect to the Project and Owner's personal property located
therein. In such event, all such expenses shall be included in the Operating
Budget.

     6.9  Insurance. Manager shall, at Owner's cost and expense, obtain and
maintain insurance with respect to the Project in customary levels and in
accordance with the Annual Plan, which may be provided through an umbrella
policy. Manager shall also cooperate with Owner's insurance carrier in the
processing of claims and defense and settlement of lawsuits with respect to the
Project.

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      6.10  Writeoffs and Abandonments.  Manager shall obtain the approval of
Owner for the writeoff, abandonment or reduction of any amounts otherwise due
Owner from Project operations.

      6.11  Lockbox and Cash Management Arrangements.  Manager shall cooperate
with Owner and the Lenders with respect to any lock box or cash management
arrangements established by Owner and any Lender (a "Cash Management System").
All payments required to be made by Manager under this Agreement for taxes,
insurance, operating expenses, capital expenditures and other expenses relating
to the Project shall be subject to the terms and provisions of any such Cash
Management System. At Owner's direction, Manager shall coordinate with the
Lenders to cause all remaining funds, after all required payments and reserves
are made pursuant to any Cash Management System, to be deposited into one or
more Project Accounts (as defined below) established by Manager for the benefit
of Owner pursuant to Section 8.1 below.

      6.12  Monitoring Accounts.  Manager shall monitor, through computer access
to the extent available, all Project Accounts and other accounts established by
Manager on behalf of Owner and/or required by any Lender. In the event Manager
determines at any time that funds in such accounts are insufficient for such
purposes, Manager shall immediately inform Owner of such insufficiency and
provide Owner with a statement of outstanding amounts currently due. Unless
otherwise required by the Loan Compliance Requirements or any Cash Management
System, all funds received by Manager for or on behalf of Owner (less any sums
properly deducted by Manager pursuant to any of the provisions of this Agreement
and the Annual Plan) shall be deposited in the appropriate Project Account
maintained by Manager for the deposit of funds of Owner and not mingled with the
funds of Manager or any other project.

      6.13  Return of Excess Funds in Project Account.  Subject to the terms of
any Cash Management System and the Loan Compliance Requirements, on each date
that Manager provides Owner with a Monthly Report, Manager shall also remit to
Owner all funds, if any, that are available in the Project Account, after
deducting the Management Fee, Leasing Commissions (as defined below) and/or
reimbursements due to Manager and any Contingency Reserve or other amounts
agreed to from time to time by Owner and Manager.

                                  ARTICLE VII.
                             METHODS OF OPERATIONS

      7.1  Contracting.  All service contracts permitted to be entered into
pursuant to Section 6.7 above, all contracts for capital improvements and all
contracts for the refurbishing and modeling of tenant spaces which (a) cover
expenditures included within the Annual Plan or expenditures which are otherwise
approved in advance by Owner or (b) which are approved in advance by Owner or
otherwise meet criteria established by Owner for such contracts, shall be
executed by Manager as agent for Owner. Without relieving it of its obligations
hereunder, pursuant to Section 6.3 above, Manager shall be entitled, in its
discretion and at its cost, to enter in its own name into such subcontracts with
third parties or affiliates to perform any of the management functions which are
the subject of this Agreement as it may determine. All other contracts with
respect to the Project and all tenant leases shall be executed by Owner. Upon
any

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termination of this Agreement, Manager shall, if requested by Owner, assign all
assignable contracts executed by Manager to Owner.

     7.2  Compliance With Laws. Subject to the other provisions of this
Agreement, Manager shall be responsible for operating and maintaining the
Project in compliance with known federal, state and municipal laws, ordinances,
regulations and orders relative to the leasing, use, operation, repair and
maintenance of the Project and with the rules, regulations or orders of the
local Board of Fire Underwriters or other similar body (collectively, the "Legal
Requirements") and in accordance with the Loan Compliance Requirements. At
Owner's expense, Manager shall promptly remedy any violation of any Legal
Requirements or Loan Compliance Requirements which comes to its attention, and
further agrees, at Owner's expense, to promptly provide to Owner written notice
of any known actual, alleged or threatened violation of or failure to comply
with any Legal Requirement or Loan Compliance Requirement. Expenses incurred in
so complying and in correcting any such violation shall be included in the
Annual Plan or otherwise approved in advance by Owner. Subject to the following
sentence, Manager shall also be responsible for compliance with all terms and
conditions contained in any ground lease or space lease or security instrument
affecting the Project and for remedying any breach thereof. Notwithstanding the
foregoing, however, Manager's responsibilities under this Section 7.2 shall not
extend to matters (i) caused by Owner's gross negligence or willful misconduct,
or (ii) as to which the expenditure of Owner's funds is required but disapproved
by Owner. Manager shall assist Owner in Owner's efforts to comply with Federal,
State or other governmental energy conservation laws, regulations, rules, etc.,
and, in addition, shall cooperate with Owner to implement such energy
conservation programs as Owner may desire to implement from time to time.

     7.3  Bonding. All employees of Manager who handle or are responsible for
Owner's funds shall, if requested by Owner, be covered by a fidelity bond. The
amount of such bond shall be determined by Owner and the premium therefor shall
be an operating expense of the Project.

     7.4  Legal Proceedings. Manager shall, at Owner's request and expense,
engage counsel and cause such legal proceedings to be instituted as may be
necessary to enforce payment of rent and compliance with leases or to
dispossess tenants. Manager shall use Owner's legal counsel or other legal
counsel approved by Owner to institute such actions, and all compromises shall
be subject to the prior approval of Owner. Attorneys' fees and costs so
incurred shall be expenses of the Project but shall be submitted to Owner for
approval prior to payment. Manager shall deliver copies of all written notices
or other documentation evidencing actual or threatened lawsuits to Owner
promptly upon receipt by Manager.

     7.5  Employment of Personnel. Manager shall have in its employ at all times
a sufficient number of capable employees to enable it to properly, adequately,
safely and economically manage, operate and maintain the Project; provided,
however, that Manager may cause Owner to directly employ the personnel listed on
Schedule 3 under the heading "Owner's Employees", which personnel shall operate
under the supervision and direction of Manager. The remaining personnel on
Schedule 3 shall also be under the supervision and direction of Manager. Manager
may, in its discretion, cause additional or fewer on-site employees to be
employed either by Owner, Manager or a subcontractor for the benefit of the
Project as it deems necessary

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or appropriate in order to manage the Project in a first-class manner
consistent with comparable projects in the area; provided, however, that
employment of any additional on-site employees for which no provision has been
made in the Annual Plan must have the prior written consent of Owner. All
matters pertaining to the employment, supervision, compensation, promotion and
discharge of such employees, as well as union negotiation and compliance with
laws and regulations dealing with employee matters, shall be coordinated by
Manager; provided, however, that Owner shall have the right to request that any
particular employee be prohibited from working at or for the benefit of the
Project. The wages, salaries and other compensation paid to employees of the
Project, and to others who perform special services for the benefit of the
Project, shall be paid in accordance with Article IX hereof. This Agreement is
not one of employment of Manager by Owner, but one with Manager engaged as an
independent contractor in the business of property management. In the event
that any expenses are attributable in part to the Project and in part to other
properties owned and managed by Manager, such expenses shall be prorated by
Manager as appropriate from time to time and in a manner agreeable to Owner and
Manager. Upon request by Owner, Manager will submit to Owner a report of all
such prorations.

    7.6 Services to Existing Tenants. At Owner's expense, Manager shall perform
services for tenants of the Project which are normally provided to tenants of
other first class buildings in the area or which are specifically requested by
Owner. Manager shall use commercially reasonable efforts to render such
services to tenants of the Project in an effort to minimize any cost to Owner
and in a manner that is consistent with the standards set forth in this
Agreement.

                                 ARTICLE VIII,
                               FINANCIAL MATTERS

    8.1 Bank Accounts. In coordination with Lenders and in compliance with the
terms of any Cash Management Systems, Manager (on behalf of Owner) shall
establish an operating trust account or accounts for the Project at such
bank(s), under such designation(s) and with such authorized signatures as Owner
may approve from time to time (each, a "Project Account") and, subject to the
Loan Compliance Requirements and any Cash Management System, all funds
collected from the operation of the Project, shall be deposited in the
appropriate Project Account(s), to be held in trust in such Project Account(s)
for the benefit of Owner, after all required disbursements and payments are
made pursuant to any Cash Management System and the Loan Compliance
Requirements. All expenses of the Project, including Management Fees, Leasing
Commissions and reimbursements to be paid to Manager, to the extent not already
made pursuant to the Cash Management System, shall be paid by Manager from the
Project Account(s). If required by law, Owner, any Cash Management System, or
the Loan Compliance Requirements, as separate account(s) for tenant security
deposits shall be established in the same manner as provided in the preceding
sentence and shall be maintained as required by law, any Cash Management
System, Owner or the Loan Compliance Requirements. Owner may require Manager to
change banks, change accounts, change account designations and make
disbursements or distributions of Project funds from time to time, and Manager
shall promptly comply with all such directions from Owner.


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     8.2  Audits. Owner reserves the right to audit all books and records
maintained by Manager with respect to the Project. All audits shall be at
Owner's cost, shall be conducted by appointment during normal business hours and
shall be conducted at Manager's office where such books and records are located.
An audit may be conducted by Owner's employees or by independent persons engaged
by Owner. Any discrepancies noted in any audit shall be promptly corrected.

                                  ARTICLE IX.
                            COMPENSATION OF MANAGER

     9.1  Compensation. For its services hereunder, Manager shall be paid a
monthly management fee and other compensation as specified in Schedule 2
attached hereto (collectively, the "Management Fee"). For the purposes of this
Agreement, "Project Income" means all Rent and all Other Income actually
collected from Project operations during such month. "Rent" shall mean all
amounts collected from Project tenants other than (i) security and other tenant
deposits (other than as applied to pay rent or additional rent) and (ii) rents
paid in advance by tenants, except the portion of any such advance payment
applied to the rent due for the current month. "Other Income" shall mean all
income from the Project which shall include operating expense reimbursements,
fees, amounts paid for after hours or excess utilities and/or air conditioning
service, amounts paid for special services rendered to tenants and vending
machine rental charges, but shall not include Rent, amounts received by Owner or
tenants in settlement of insurance claims, costs and fees recovered in
litigation (except amounts allocable to past due rent or additional rent),
refunds or returns of taxes paid, amounts paid under construction contracts, or
proceeds from any sale or financing of the Project or any portion thereof.

     9.2  Employee Compensation. The wages, salaries and other compensation paid
to employees who will be employed for the benefit of the Project, and to others
who perform special services for the benefit of the Project, to the extent not
otherwise paid through a Cash Management System, shall be paid by Owner from a
Project Account pursuant to this Section 9.2.

          (a)  All wages, salaries and other compensation paid to employees of
the Project, including, but not be limited to, unemployment insurance, social
security, worker's compensation, employee benefit packages and other charges
imposed by a governmental authority or provided for in a union agreement, shall
(a) as to employees of Manager or any Subcontractor, be reimbursed by Owner to
Manager (or directly to the applicable Subcontractor, if requested by Manager)
without profit or mark-up, and (b) as to employees of Owner, be paid directly by
Owner. Manager shall coordinate all disbursements and deposits for all
compensation and other amounts payable with respect to persons employed in
connection with the operation of the Project from an appropriate Project
Account. Manager shall maintain complete payroll records for all employees.

          (b)  In addition to the employment of employees set forth on Schedule
3, Manager may, in its discretion, from time to time employ personnel of its
general operations to perform direct special services for the benefit of the
Project; provided, however, that Manager shall obtain the prior approval of
Owner for the employment of such special personnel, except in emergency
situations or when timing requirements do not allow for such prior approval.
Owner

                                       11
<PAGE>
shall reimburse Manager for such direct services rendered by special personnel
in an amount commensurate with normal and customary charges for such services
by similarly qualified persons. Persons whose compensation may not be charged
to Owner for services rendered to the Project includes the general asset
management personnel of Manager who are not on-site of the Project.

     9.3  Reimbursable Expenses, Office, and Other Services. Owner shall
reimburse Manager for all direct out-of-pocket expenses incurred by or on
behalf of Manager in connection with this Agreement without profit or mark-up,
which expenses shall be reflected in the Annual Plan, and shall include, but
not be limited to, normal office expenses and business and travel expenses
associated with operating an on-site business office. Further, Owner shall
provide for the use of Manager a furnished management office in the Project, to
be utilized directly for the benefit of the Project, together with high speed
internet service, e-mail, telephone service, office janitorial service, printed
form and customary office supplies and equipment (such as computers,
photocopying equipment and calculators). The method of finishing and equipping
such office, and the total cost thereof, shall be determined by Owner from time
to time based upon the recommendations of Manager.

     9.4  Non-Reimbursable Expenses. Except as otherwise set forth on Schedule
2, the following expenses or costs incurred by or on behalf of Manager in
connection with this Agreement shall be at the sole cost and expense of Manager
and shall not be reimbursed by Owner:

          (a)  Cost of gross salary and wages, payments of all taxes,
insurance, worker's compensation and other benefits of Manager's office
personnel not employed on site of the Project and not employed as special
personnel as provided in Section 9.2(b) above. Such personnel include those
identified on Schedule 4 hereof.

          (b)  General accounting and reporting services which are considered
to be within the reasonable scope of the Manager's responsibility under this
Agreement.

          (c)  Cost of advances made to employees and the cost of local travel
by Manager's employees or associates to and from the Project.

          (d)  Cost attributable to losses arising from negligence or fraud on
the part of Manager, Manager's associates or Manager's employees.

     9.5  Payment of Expenses. Payment or reimbursement of the amounts
described in Section 9.1 through 9.3 above shall be as follows:

          (a)  The monthly Management Fee payable pursuant to Section 9.1 above
shall be calculated and paid concurrently with Manager's submission of its
monthly accounting to Owner and, upon submission of such accounting, Manager
may pay such fee from Project operating funds then in its possession or
control or in a Project Account.

          (b)  Employee expenses and out of pocket expenses pursuant to Section
9.2 and 9.3 shall be reimbursed to Manager at the time incurred by Manager, and
Manager may reimburse such expenses from time to time from Project operating
funds under its possession or

                                       12
<PAGE>
control or in a Project Account. A detailed summary of such reimbursable
expenses shall be included on Manager's monthly accounting to Owner.

                                   ARTICLE X.
                         INSURANCE AND INDEMNIFICATION.

     10.1      Indemnity and Hold Harmless. Owner agrees to:

               (a)  Hold and save Manager free and harmless from any damage or
injuries to persons or property by reason of any cause whatsoever either in and
about the Project or elsewhere when Manager is carrying out the provisions of
this Agreement or acting under the express or implied directions of Owner.

               (b)  Reimburse Manager upon demand for any moneys which Manager
is required to pay out for any reason whatsoever, under this Agreement or in
connection with, or as an expense in defense of any claim, civil or criminal
action, proceeding, charge or prosecution made, instituted or maintained against
Manager or Owner and Manager, jointly or severally, affecting or due to the
condition or use of the Project or acts or omissions of Manager or employees of
Owner or Manager, or arising out of or based upon any law, regulation,
requirement, contract, or award relating to the hours of employment, working
conditions, wages or compensation of employees or former employees.

               (c)  Defend promptly and diligently, at Owner's expense, any
claim, action or proceeding brought against Manager or Manager and Owner jointly
or severally arising out of or connected with any of the foregoing, and to hold
harmless and fully indemnify Manager from any judgment, loss or settlement on
account thereof.

The foregoing agreement of Owner shall expressly extend to any liabilities,
claims and costs of defense arising out of or resulting from failure or refusal
of Owner to authorize compliance with any law, rule, order or determination of
any governmental authority with respect to the Project, where such matter is
promptly brought to Owner's attention by Manager, and Owner declines to comply
with the same. Nothing contained herein, however, shall relieve Manager of
responsibility to Owner for Manager's gross negligence or willful misconduct,
unless such gross negligence or willful misconduct is covered by Owners'
insurance. The provisions of this Section 10.1 shall survive the expiration or
termination of this Agreement.

     10.2      Insurance.

               (a)  Owner's Insurance. Owner agrees to carry public liability,
elevator liability and contractual liability insurance (specifically insuring
the indemnity provisions contained in Section 10.1 above), and such other
insurance as the parties agree to be necessary or desirable for the protection
of the interests of Owner and Manager, which may be provided through an umbrella
policy. In each such policy of insurance, Owner shall designate Manager as a
party insured with Owner and the carrier and the amount of coverage in each
policy shall be mutually agreed upon by Owner and Manager. A certificate of each
policy issued by the carrier shall be delivered promptly to Manager by Owner.
All policies shall provide for 30 days' written notice to Manager and Owner
prior to cancellation, non-renewal or material amendment.

                                       13
<PAGE>
          (b)  Manager's Insurance. If requested by Owner at any time during
the Term, Manger (as a reimbursable expense under this Agreement) and any
independent contractors employed by Manager (as such contractor's expense)
shall maintain in full force and effect commercial general liability, workers'
compensation, employer's liability and such other insurance as Owner may
reasonably require with such limits as are customary for managers of similar
first class projects in the area.

     10.3 Conditions. Owner's obligations under Sections 10.1 and 10.2 are upon
the condition that Manager:

          (a)  Notifies Owner within five (5) business days after Manager
receives notice of any such loss, damage or injury.

          (b)  Takes no action (such as admission of liability) which might bar
Owner from obtaining any protection afforded by any policy Owner may hold or
which might prejudice Owner in its defense to a claim based on such loss,
damage or injury.

          (c)  Agrees that Owner shall have the exclusive right, at its option,
to conduct the defense to any claim, demand or suit within limits prescribed by
the policy or policies of insurance.

          (d)  Cooperates with Owner in disposition of claims, including
furnishing all available information to Owner's carrier.

          (e)  Recognizes that the foregoing shall not affect the general
requirement of this Agreement that the Project shall be managed, operated and
maintained in a safe condition and in a proper and careful manner.

     10.4 Insurance Provisions. Owner shall include, in its hazard policy
covering the Project, personal property, fixtures and equipment located
thereon, and Manager shall include in any fire policies for its furniture,
furnishings or fixtures situated at the Project, appropriate clauses pursuant
to which the respective insurance carriers shall waive all rights of
subrogation with respect to losses payable under such policies. If such clauses
are available and obtained in the respective insurance policies of Owner and
Manger, each of Owner and Manager waive any claim against the other covered by
their respective aforementioned policies of insurance.

     10.5 Third Party Insurance. If requested by Owner, Manager shall require
that all contractors and service companies operating in or on the Project
maintain such worker's compensation, employer's liability  and comprehensive
general liability insurance as may be reasonably required by Owner, including
any special coverage required by Owner in connection with hazardous operations.

                                       14
<PAGE>
                                  ARTICLE XI.
                           TERMINATION OF AGREEMENT

      11.1  Termination.  Notwithstanding the provisions of Article II hereof,
this Agreement may be terminated prior to the expiration of the Term upon any
of the following events:

            (a)  Manager may resign at any time, for any reason or no reason,
upon giving Owner at lease ninety (90) days prior written notice; or,

            (b)  Upon thirty (30) days prior written notice, Owner may terminate
this Agreement upon closing of a sale, transfer or exchange by Owner (including
foreclosure) of Owner's entire interest in the Project or it's right to collect
the income therefrom, unless the transferee elects prior to such closing and by
written notice consented to by Manager, to assume the obligations of Owner
pursuant to this Agreement accruing subsequent to such closing;

            (c)  Upon thirty (30) days prior written notice to Manager, Owner
may terminate this Agreement at any time for "cause," as such term is hereafter
defined, provided that, with respect to any cause for termination pursuant to
subsections (i) or (ii) below which is reasonably susceptible of cure, Owner
shall not be entitled to terminate for such cause unless (1) Manager shall fail,
after Owner gives Manager written notice of the existence of such cause for
termination hereof, to cure the cause for termination promptly, and in any event
within ninety (90) days after such written notice, or (2) if the cure for such
cause for termination would reasonably require more than ninety (90) days to
complete (except that there shall be no opportunity to cure a cause for
termination described in subsection (iii) below) Manager shall fail to commence
to cure such cause for termination promptly, and in any event within said ninety
(90) day period and thereafter diligently prosecute the same to completion. The
term "cause" as used herein connection with the termination of this Agreement
shall mean (i) the failure by Manager (in the reasonable opinion of Owner) to
comply with a material provision of this Agreement, (ii) the failure by Manager
(in the reasonable opinion of Owner) to exercise prudent managerial skill and
efficiency in the management of the Project which has a material adverse impact
on Owner, (iii) fraud, intentional misrepresentation, or breach of trust or the
intentional breach of a material provision of this Agreement by Manager, (iv)
any action taken by or against Manager pursuant to any statute pertaining to
bankruptcy or insolvency or the reorganization of Manager (unless, in the case
of any involuntary case filed against Manager, the same is dismissed within one
hundred twenty (120) day), the making by Manager of any general assignment for
the benefit of creditors; the appointment of a trustee or receiver to take
possession of all or any portion of Manager's assets or of Manager's interest
in this Agreement, where possession is not restored to Manager within one
hundred twenty (120) days; or the attachment, execution or other judicial
seizure of all or any portion of Manager's interest in this Agreement, where
such seizure is not discharged within one hundred twenty (120) days or (v) an
assignment of this Agreement by Manager that is not permitted by Section 12.4
hereof. If the parties dispute whether "cause" exists for purposes of this
Section 11.1(c), the parties shall initiate the dispute resolution provisions
contained in Section 12.13 below. During any such pending dispute, Manager
shall remain fully responsible for its obligations and duties hereunder and all
Management Fees shall continue to be paid to Manager until the effective date
of the termination of this Agreement.

                                       15

<PAGE>
     11.2 Obligations Upon Termination. Upon the termination of this Agreement
by any means:

          (a) Owner shall remain bound by all contracts entered into by Manager
in the name of Owner within the limitations contained in this Agreement and the
Annual Plan, and shall remain obligated to Manager for all Management Fees
earned by Manager through the date of termination and for all reimbursements
due to Manager pursuant to this Agreement.

          (b) Manager shall remain obligated:

              (i)   To render to Owner a final accounting of income and expenses
of the Project as provided in this Agreement through the effective date of such
termination.

              (ii)   To deliver to Owner all income and all security deposits
from the Project in Manager's possession after reimbursement of all expenses
and payment of all management fees which Manager is entitled to receive from
such funds.

              (iii)   To deliver to Owner all keys, records, contracts, leases,
receipts, unpaid bills and other documents relative to the Project and in
Manager's possession at date of termination.

              (iv)    Assign to Owner all of its rights and obligations in any
contracts entered into in accordance with the terms of this Agreement, and
Owner (or its designee) shall assume all of the obligations thereunder.

                                  ARTICLE XII.
                               GENERAL PROVISIONS

     12.1 Independent Contractor. It is expressly understood and agreed that
Manager will act as an agent for Owner and as an independent contractor in the
performance of this Agreement.

     12.2 Notices. Any notice which must or may be given under this Agreement
or by law shall, except as otherwise provided, be in writing and shall be
deemed to have been given (i) when physically received by personal delivery
(which shall include the confirmed receipt of a telecopied facsimile
transmission), or (ii) three business days after being deposited in the United
States certified or registered mail, return receipt requested, postage prepaid,
or (iii) one business day after being deposited with a nationally known
commercial courier service providing next day delivery service (such as Federal
Express). All notices shall be addressed and delivered to the addresses set
forth on the signature page of this Agreement, or to such other addresses which
may be provided by any party hereto to the other in writing.

     12.3 Attorney's Fees. If suit or action is instituted in connection with
any controversy arising out of this Agreement, the prevailing party shall be
entitled to recover, in addition to costs, such sum as the court may adjudge
reasonable as attorney's fees in such suit or action and on any appeal from any
judgement or decree entered therein.


                                       16
<PAGE>
     12.4 Assignment. This Agreement and the rights and obligations hereunder,
shall not be assignable by either party hereto without the written consent of
the other; provided, however, that the foregoing shall not extend to
assignments by Manager to any affiliate of Maguire Properties, Inc.,
assignments required by any insurance carrier in any matter relating to
subrogation or an assignment by Owner in connection with a sale of the Project;
provided, further, that Manager may subcontract with affiliates of Manager
and/or third parties to assist in carrying out its duties hereunder as set
forth in this Agreement.

     12.5 Amendments. Except as otherwise provided herein, all amendments to
this Agreement shall be in writing and executed by the party to be charged.

     12.6 Integration. This Agreement, and the Schedules attached hereto and
made a part hereof, supersede and take the place of any and all previous
management agreements entered into between the parties hereto relating to the
Project.

     12.7 Governing Law. This Agreement is executed with respect to a project
located in the State of California and shall be governed by and construed in
accordance with the laws of such state.

     12.8 Cooperation. Should any claim, demand, action or other legal
proceeding arising out of matters covered by this Agreement be made or
instituted by any third party against a party to this Agreement, the other
party to this Agreement shall furnish such information and reasonable
assistance in defending such proceeding as may be requested by the party
against whom such proceeding is brought.

     12.9 Waiver of Rights. The failure of Owner or Manager to seek redress for
violation, or to insist upon the strict performance of any covenant, agreement,
provision or condition of this Agreement, shall not constitute a waiver of the
terms of such covenant, agreement, provision or condition at any subsequent
time, or of the terms of any other covenant, agreement, provision or condition
contained in this Agreement.

     12.10 Successors and Assigns. This Agreement and each of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, executors, administrators, successors and assigns.

     12.11 Non-Discrimination. There shall be no discrimination against or
segregation of, any person, or group of persons on account of race, color,
creed, national origin or ancestry in the sale, lease, sublease, transfer, use,
occupancy, tenure or enjoyment of the Project, nor shall Owner, Manager or any
person claiming under or through them, establish or permit any such practice or
practices of discrimination or segregation with reference to the selection,
location, number, use or occupancy of tenants, lessees, subtenants, sublessees
or vendees of the land.

     12.12 Subordination. This Agreement, and any and all rights of Manager
hereunder, are and shall be subject and subordinate to any financing (whether
senior financing, mezzanine level financing, or preferred equity) respecting
the Project (or any portion thereof) (collectively, the "Property Financings"),
and any ground or master lease with respect to the Project or any portion
thereof (collectively, "Leases"), and all renewals, extensions, modifications,
consolidations and replacements thereof, and to each and every advance made or
hereafter to be made under any

                                       17

<PAGE>
such Property Financings or Leases. This section shall be self-operative and no
further instrument of subordination shall be required. In confirmation of such
subordination, Manager shall promptly execute, acknowledge and deliver any
instrument that Owner, the landlord under any of the Leases or the holder of any
such Property Financings or the trustee or beneficiary of any deed of trust or
any of their respective successors in interest may reasonably request to
evidence such subordination. At any time and from time to time, upon not less
than ten (10) business days prior notice from Manager or Owner, Manager shall
furnish to Owner, or a designee thereof, an estoppel certifying that this
Agreement is unmodified and in full force and effect (or that this Agreement is
in full force and effect as modified and setting forth the modifications), the
date to which Manager has been paid hereunder, that to the knowledge of the
certifying party, no default or an event of default has occurred and is
continuing or, if a default or an event of default shall exist, specifying in
reasonable detail the nature thereof and the steps being taken to remedy the
same, and such additional information as the requesting party may reasonably
request. Any subordination or estoppel furnished pursuant to this Section 12.12
may be relied upon by Owner, and its affiliates, lenders, and any prospective
landlord or lender of the applicable Project. Manager shall not unreasonably
withhold its consent to any amendment to this Agreement reasonably required by
such lender or lessor, provided that such amendment does not (i) increase
Manager's financial obligations hereunder, or (ii) have a material adverse
effect upon Manager's rights hereunder, or (iii) materially increase Manager's
non-economic obligations hereunder.

     12.13  Dispute Resolution.  The parties hereby agree that, in order to
obtain prompt and expeditious resolution of any disputes under this Agreement,
each claim, dispute or controversy of whatever nature, arising out of, in
connection with, or in relation to the interpretation, performance or breach of
this Agreement (or any other agreement contemplated by or related to this
Agreement or any other agreement between the parties), including without
limitation any claim based on contract, tort or statute, or the arbitrability of
any claim hereunder (an "Arbitrable Claim"), shall be settled by final and
binding arbitration conducted in Los Angeles, California. The arbitrability of
any Arbitrable Claims under this Agreement shall be resolved in accordance with
a two-step dispute resolution process administered by Judicial Arbitration &
Mediation Services, Inc. ("JAMS") involving, first, mediation before a retired
judge from the JAMS panel, followed, if necessary, by final and binding
arbitration before the same, or if requested by either party, another JAMS
panelist. Such dispute resolution process shall be confidential and shall be
conducted in accordance with California Evidence Code Section 1119.

            (i)  Mediation. In the event any Arbitrable Claim is not resolved by
     an informal negotiation between the parties within fifteen (15) days after
     either party receives written notice that a Arbitrable Claim exists, the
     matter shall be referred to the Los Angeles, California office of JAMS, or
     any other office agreed to by the parties, for an informal, non-binding
     mediation consisting of one or more conferences between the parties in
     which a retired judge will seek to guide the parties to a resolution of the
     Arbitrable Claims. The parties shall select a mutually acceptable neutral
     arbitrator from among the JAMS panel of mediators. In the event the parties
     cannot agree on a mediator, the Administrator of JAMS will appoint a
     mediator. The mediation process shall continue until the earliest to occur
     of the following: (i) the Arbitrable Claims are resolved, (ii) the mediator
     makes a finding that there is no possibility of resolution



                                       18

<PAGE>
through mediation, or (iii) thirty (30) days have elapsed since the Arbitrable
Claim was first scheduled for mediation.

     (ii)      Arbitration. Should any Arbitrable Claims remain after the
completion of the mediation process described above, the parties agree to submit
all remaining Arbitrable Claims to final and binding arbitration administered by
JAMS in accordance with the then existing JAMS Arbitration Rules. Neither party
nor the arbitrator shall disclose the existence, content, or results of any
arbitration hereunder without the prior written consent of all parties. Except
as provided herein, the California Arbitration Act shall govern the
interpretation, enforcement and all proceedings pursuant to this subsection. The
arbitrator is without jurisdiction to apply any substantive law other than the
laws selected or otherwise expressly provided in this Agreement. The arbitrator
shall render an award and a written, reasoned opinion in support thereof. Such
award may include reasonable attorneys' fees to the prevailing party. Judgment
upon the award may be entered in any court having jurisdiction thereof.

     (iii)     Costs. The parties shall bear their respective costs incurred in
connection with the procedures described in this Section 12.13, except that the
parties shall equally share the fees and expenses of the mediator or arbitrator
and the costs of the facility for the hearing.

     (iv)      Survivability. This dispute resolution process shall survive the
termination of this Agreement. The parties expressly acknowledge that by signing
this Agreement, they are giving up their respective right to a jury trial.

                            [Signature Page Follows]


                                       19
<PAGE>
     IN WITNESS WHEREOF, Owner and Manager have executed this Property
Management and Leasing Agreement as of the day and year first above written.

"MANAGER"

MAGUIRE PROPERTIES, L.P.
a Maryland limited partnership

By: Maguire Properties, Inc.
    a Maryland corporation
    Its General Partner



    By:  /s/ Richard I. Gilchrist
        -------------------------
        Richard I. Gilchrist
        President and Co-Chief Executive Officer

NOTICE ADDRESS FOR MANAGER

c/o Maguire Properties, Inc.
555 West Fifth Street, Suite 5000
Los Angeles, California 90013
Attn: Robert F. Maguire III
      Mark Lammas



                                       20
<PAGE>
"OWNER"

MAGUIRE PROPERTIES - ONE CAL PLAZA, LLC
a Delaware limited liability company

By:   Maguire Properties, L.P.
      a Maryland limited partnership
      Its Member

      By:   Maguire Properties, Inc.
            a Maryland corporation
            Its General Partner

            By: /s/ Richard I. Gilchrist
                ------------------------
                Richard I. Gilchrist
                President and Co-Chief Executive Officer

NOTICE ADDRESS FOR OWNER

c/o Maguire Properties, Inc.
555 West Fifth Street, Suite 5000
Los Angeles, California 90013
Attn:  Robert F. Maguire III
       Mark Lammas


                                       21

<PAGE>
                                   SCHEDULE 1
                             INTENTIONALLY OMITTED

                                  Schedule 1-1
<PAGE>
                                   SCHEDULE 2

     In addition to the expense reimbursements set forth in the Property
Management and Leasing Agreement, Owner agrees to pay to Manager the Management
Fees and Leasing Commissions set forth below for all of the services required of
Manager pursuant to this Agreement.

     1. Management Fee. Owner shall pay Manager an annual fee (payable on a
monthly basis) equal to three percent (3.00%) of the Project Income.

     2. Leasing Commission. Owner shall pay leasing commissions to Manager in
amount in accordance with the Leasing Commission Schedule attached hereto as
Schedule 5 (collectively, "Leasing Commissions").

     3. Capital Improvements Coordination Fee. In connection with any
significant development project or capital improvement project (other than
tenant improvement projects) which is supervised or administered by Manager, and
not otherwise subject to a separate development agreement with an affiliate of
Manager, Manager shall be paid a coordination fee equal to three percent (3%) of
the total cost of the work.

     4. Tenant Improvements Coordination Fee. In connection with any tenant
improvement project which is supervised or administered by Manager, Manager
shall be paid a coordination fee equal to the greater of (i) three percent (3%)
of the total cost of the work, and (ii) the coordination fee, or similar
arrangement, allocated in the terms of the underlying lease.

     In the event of the termination of this Agreement as provided in Article XI
hereof, the compensation of Manager shall be prorated as of the effective date
of such termination.





                                 Schedule 2-1
<PAGE>
                                   SCHEDULE 3

                            (SCHEDULE OF EMPLOYEES)

<Table>
<Caption>
                                Owner's        Manager's      Subcontractor's
JOB TITLE                      Employees       Employees        Employees
---------                      ---------       ---------      ---------------
<S>                            <C>             <C>            <C>
Asset Manager                      X
Assistant Asset Manager            X
Tenant Services Coordinator        X
Coordinator/Concierge                                                X
Operations Manager                 X
Administrative Assistant           X
Accounting Manager                 X
Accounting Assistant               X

</Table>






                                  Schedule 3-1

<PAGE>
                                   SCHEDULE 4

                          (NON-REIMBURSABLE PERSONNEL)

Senior Executives

Controller

Assistant Controller

Off-Site Secretaries and Receptionists






                                  Schedule 4-1

<PAGE>
                                   SCHEDULE 5
                       (SCHEDULE OF LEASING COMMISSIONS)

     Subject to the terms of the Property Management and Leasing Agreement to
which this Schedule 5 is attached, Owner agrees to pay to Manager leasing
commissions as follows:

     1. Commission Rate. Owner shall pay commissions to Manager in accordance
with this commission schedule (this "Schedule") for leases of any space in the
Project as follows: (i) four percent (4%) of the total Minimum Base Rent for the
first five years of the lease term, (ii) two percent (2%) of the total Minimum
Base Rent for the sixth through tenth years of the lease term, and (iii) one
percent (1%) of the total Minimum Base Rent for the eleventh through fifteenth
years of the lease term. In the event the lease term is in excess of fifteen
years, no commission shall be paid on said excess term. Notwithstanding the
provisions of this Paragraph 1 to the contrary, in the event an existing tenant
enters into a new lease for space in the Project, Manager shall receive a
commission of four percent (4%) of the total Minimum Base Rent for the first
five years of the new lease term, two percent (2%) of the total Minimum Base
Rent for the sixth through tenth years of the new lease term, and no commission
for any additional years of the new lease term. In the event a prospective
tenant executes a lease for space in the Project, but does not actually pay rent
for such space for reasons unrelated to any default of Owner, Manager shall not
be entitled to any commission with respect to such lease, and shall refund to
Owner any commissions paid with respect thereto.

     2. Computation of Commissions. Commissions shall be computed in accordance
with the above rates based upon the "Minimum Base Rent" set forth in the lease,
as follows:

          (a) The term "Minimum Base Rent" shall mean the fixed minimum annual
rent for any given year (which includes Landlord's stipulated base operating
expenses and taxes and also includes any rent due for must-take space in years
in which rent on such space is due) provided in the lease for office space or
commercial plaza space, excluding any and all other additional rent (such as,
but not limited to, operating expense escalations, tax escalations, payments for
tenant improvements in excess of building standing provided by Landlord,
percentage rent, cost-of-living escalation or parking).

          (b) Minimum Base Rent shall be reduced by the net cost to Owner of any
rental concessions of any kind, including but not limited to, tenant
improvements in excess of building standard, free rent, parking concessions,
lease buy-outs, tax or operating expense concessions.

          (c) If a rental concession is made by Owner allowing tenant not to pay
rent for an initial portion of the lease term, then the commission shall be
determined as follows: First, there shall be calculated the average Minimum Base
Rent for the entire term of the lease period on a straight line basis (the
"Average Minimum Rent"), which shall be the product of (i) the aggregate Minimum
Base Rent payable by the tenant during the term of the lease, divided by the
number of months in the term of the lease, (ii) multiplied by twelve (12).
Second, commissions shall be payable in accordance with the terms of Paragraph 1
above except that for purposes of


                                  Schedule 5.1
<PAGE>
calculating the commissions pursuant to Paragraph 1 the Average Minimum Rent
shall be used in lieu of the Minimum Base Rent.


     3. Other Broker Commissions.

          (a) If a licensed real estate broker other than Manager, or a broker
affiliated or associated with Manager, is the broker of record of any lease in
the Project, Owner will pay such other broker a commission in accordance with
Paragraph 1 above.

          (b) With respect to any lease entered into by Owner for the Project
prior to the termination of this Agreement, where Owner pays a commission to
such other broker referred to in Paragraph 3(a) above of this Schedule, then
Manager shall be entitled to a commission only in the amount of 50% of the
commission Manager otherwise would have been entitled to pursuant to this
Schedule; provided, however, in no event shall the aggregate commissions paid by
Owner to all brokers (including Manager) for any such lease exceed one hundred
fifty percent (150%) of a full commission as computed in accordance with this
Schedule without the express written consent of Owner.

     4. Options to Extend or Renew the Term.

          (a) In the event a tenant exercises an option or right of first
refusal contained in the lease to renew or extend the original term of the
lease, Owner shall pay Manager a commission on the Minimum Base Rent during the
renewal or extension period in accordance with Paragraph 1 above, computed as
if such renewal or extension term were part of the initial term of the lease;
provided, however, that Manger shall receive a commission of four percent (4%)
for the first five years of the renewal or extension term, two percent (2%) for
the sixth through tenth years of the renewal or extension term, and no
commission for any additional years of the renewal or extension term.

          (b) In the event a tenant leases additional space pursuant to an
option or right of first refusal contained in its lease, Owner shall pay to
Manager a commission on the Minimum Base Rent for such additional space in
accordance with Paragraph 1 above, computed as if the tenant had been obligated
to lease such additional space under the original lease.  To illustrate, assume
that a tenant entered into a lease with a twenty-year term with an option to
lease additional space at any time during the term of the lease for the balance
of the term of the lease. Assume that the tenant exercised the option to lease
the additional space commencing the fourth year of the term of the lease.
Manager would be entitled to a commission of 4% of the annual additional
Minimum Base Rent for the first two years (i.e., the 4th and 5th years), 2% of
the additional annual Minimum Base Rent for following five years (i.e., the 6th
through 10th years), and 1% of the additional annual Minimum Base Rent for the
next five years (i.e., the 11th through 15th years).

          (c) Commissions pursuant to Paragraph 4(a) and (b), above,
attributable to options exercised after the original occupancy by tenant shall
be deemed payable upon exercise of the option. In the case of options exercised
prior to the occupancy, such commissions shall be due and payable in the same
manner as if the option had been exercised on the date the lease was executed.

                                  Schedule 5.2

<PAGE>
     5. Cancellation Clauses. Where the tenant, or the Owner, has the right to
cancel a lease prior to the expiration date, Manager shall initially be paid a
commission based on the aggregate Minimum Base Rent for the uncancellable
portion of the term, plus any cancellation penalty or fee payable by tenant
pursuant to the lease. If, thereafter, the lease is not cancelled by the tenant
or if the right of cancellation is exercised by Owner only, Manager shall be
paid the balance of the commission based on the aggregate Minimum Base Rent for
the remaining portion of the lease term, less the cancellation fee or penalty
computed as if there had been no right of cancellation in the lease. A lease
shall not be deemed cancelled within the meaning of this paragraph unless the
tenant is not obligated to pay rent.

     6. Time of Payment. Except as otherwise provided, commissions earned by
Manager (or any other broker) pursuant to this Agreement are payable as follows:

        (a) One-half upon execution of the lease by tenant and Owner; and

        (b) One-half upon occupancy by tenant, but in no event later than
ninety (90) days after the date the lease is signed by Owner and tenant.




                                  Schedule 5-3