Downtown About to Score First New High-Rise in 14 Years

The Downtown News released a breaking news announcement earlier today revealing that a well-known developer is going forward on a new skyscraper. Since there’s nothing for me to link to yet, here’s their announcement in it’s entirety:

Developer Rob Maguire is moving forward on a plan to build a 50-story office tower overlooking the Harbor Freeway, Los Angeles Downtown News has learned. According to local real estate sources, Maguire, who developed some of the tallest Downtown skyscrapers during the height of the 1980s commercial real estate boom, is about to formally announce a new structure directly west of the 777 Tower in the Financial District. Plans for the development site always included three office towers, a proposal that was long-delayed because of the downturn in the commercial real estate market. The project would complement the 777 Tower and what is now Ernst and Young Plaza and the 7+Fig mall. This would be the first new Downtown office high rise since Two California Plaza opened in 1992. Pasadena-based architecture firm Keating/Khang has reportedly been hired to handle the design. Maguire Properties owns six Downtown trophy buildings. Along with 777 Tower, its portfolio includes the Gas Company Tower, KPMG Tower, U.S. Bank Tower, Wells Fargo Tower and One California Plaza. Maguire Properties, a publicly traded real estate investment trust, has been the subject of buyout speculation within the past year. Maguire’s office did not return phone calls.

The News‘ latest edition with, I assume, more complete coverage is supposed to be uploaded by 7:00PM tonight.