BUY Maguire Properties, Inc. (MPG) – last $2.24; Nov 16.,8:15 am.  MPG is a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. As of June 30, 2008, the company owned a portfolio of 25 commercial real estate properties, including 22 office and retail projects, a 350-room hotel, 6 off-site parking garages totaling approximately 5,969 spaces, and onsite structured and surface parking totaling approximately 26,549 spaces. It also owned undeveloped land that could support approximately 11.8 million square feet of office, retail, structured parking, and residential uses, as of the above date. The company has elected to be treated as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. … Stifel Nicolaus upgrades MPG to Hold from Sell, as they believe the Street will view the highly levered MPG balance sheet move favorably because of the perceived greater availability of debt and lower cost of debt because of the recent Treasury changes in CMBS servicer’s ability to negotiate loan modifications, and the favorable pricing expected today on the $400 mln Developers Diversified single borrower securitization. … SPM+Game Theory 69 LONG with EXIT POINT $7.25.