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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported):&#160;&#160;June 30, 2010</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">233 Wilshire Blvd.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry into a Material Definitive Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June 30, 2010, Pacific Office Properties Trust, Inc. (the &#8220;Company&#8221;) and Terraces CP, LLC (&#8220;Seller&#8221;) entered into a Purchase and Sale Agreement (the &#8220;Agreement&#8221;), effective as of June 28, 2010 (the &#8220;Effective Date&#8221;), pursuant to which the Company agreed to purchase a one-building office property located in San Diego, California that has approximately 200,000 square feet of gross leasable area (the &#8220;Property&#8221;) for a cash purchase price of $68,825,000 (the &#8220;Purchase Price&#8221;).&#160;&#160;The building is 100% leased to a publicly-traded company.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The closing date is initially scheduled to occur 60 days after the Effective Date, subject to customary closing conditions.&#160;&#160;The closing date may be extended at the Company&#8217;s election to a date no later than December 1, 2010 subject to the payment of additional amounts into escrow and certain other conditions set forth in the Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within 30 days of the Effective Date, the Company is entitled to terminate the Agreement in its sole discretion after completing its due diligence review.&#160;&#160;In such an event, the Company will be entitled to a return of all amounts paid into escrow towards the Purchase Price.&#160;&#160;The Company will otherwise only be entitled to a return of the amounts paid into escrow in the event of the Seller&#8217;s default or failure to satisfy closing conditions.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other than the Agreement, there are no material relationships between the Company and the Seller. There is no assurance that the Company will acquire the Property because the proposed acquisition is subject to a variety of factors, including the completion of due diligence to the Company&#8217;s satisfaction and customary closing conditions.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: July 7, 2010</font></div>
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<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;James R. Wolford</font></td>
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{"company-data": {"conformed-name": "PACIFIC OFFICE PROPERTIES TRUST, INC.", "cik": "0000830748", "assigned-sic": "6798", "irs-number": "860602478", "state-of-incorporation": "MD", "fiscal-year-end": "0304"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09900", "film-number": "10941834"}, "business-address": {"street1": "233 WILSHIRE BLVD., SUITE 830", "city": "SANTA MONICA", "state": "CA", "zip": "90401", "phone": "3103952083"}, "mail-address": {"street1": "233 WILSHIRE BLVD., SUITE 830", "city": "SANTA MONICA", "state": "CA", "zip": "90401"}, "former-company": {"former-conformed-name": "ARIZONA LAND INCOME CORP", "date-changed": "19920703"}}
form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  June 30, 2010
PACIFIC OFFICE PROPERTIES TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland
001-9900
86-0602478
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
233 Wilshire Blvd.
Suite 310
Santa Monica, California
90401
(Address of principal executive offices)
(Zip Code)
(310) 395-2083
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.                      Entry into a Material Definitive Agreement.
On June 30, 2010, Pacific Office Properties Trust, Inc. (the "Company") and Terraces CP, LLC ("Seller") entered into a Purchase and Sale Agreement (the "Agreement"), effective as of June 28, 2010 (the "Effective Date"), pursuant to which the Company agreed to purchase a one-building office property located in San Diego, California that has approximately 200,000 square feet of gross leasable area (the "Property") for a cash purchase price of $68,825,000 (the "Purchase Price").  The building is 100% leased to a publicly-traded company.
The closing date is initially scheduled to occur 60 days after the Effective Date, subject to customary closing conditions.  The closing date may be extended at the Company's election to a date no later than December 1, 2010 subject to the payment of additional amounts into escrow and certain other conditions set forth in the Agreement.
Within 30 days of the Effective Date, the Company is entitled to terminate the Agreement in its sole discretion after completing its due diligence review.  In such an event, the Company will be entitled to a return of all amounts paid into escrow towards the Purchase Price.  The Company will otherwise only be entitled to a return of the amounts paid into escrow in the event of the Seller's default or failure to satisfy closing conditions.
Other than the Agreement, there are no material relationships between the Company and the Seller. There is no assurance that the Company will acquire the Property because the proposed acquisition is subject to a variety of factors, including the completion of due diligence to the Company's satisfaction and customary closing conditions.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PACIFIC OFFICE PROPERTIES TRUST, INC.
Date: July 7, 2010
By:
/s/ James R. Wolford
James R. Wolford
Chief Financial Officer