LOS ANGELES, Jan. 24 /PRNewswire-FirstCall/ -- Meruelo Maddux Properties, Inc. (NASDAQ:MMPI) today announced the initial public offering of 40,000,000 shares of its common stock at a price of $10.00 per share. Of these shares, approximately 3,000,000 are being sold directly by the company and not as part of the firm commitment underwriting. Meruelo Maddux Properties has granted the underwriters of the offering an option to purchase up to an additional 5,550,000 shares to cover over-allotments, if any. Meruelo Maddux Properties common stock is expected to begin trading on Thursday, January 25th on The NASDAQ Global Market under the symbol "MMPI". The offering is expected to close on January 30, 2007. Upon completion of the offering and related formation transactions, Meruelo Maddux Properties will own, lease with rights to purchase and have rights to acquire interests in 34 development and redevelopment projects and 19 projects that have been developed. Friedman, Billings, Ramsey & Co., Inc. and UBS Securities LLC are acting as co-book running managers and KeyBanc Capital Markets, a division of McDonald Investments Inc., RBC Capital Markets Corporation, Blaylock & Company, Inc., Cabrera Capital Markets, Inc., and E.J. De La Rosa & Co., Inc. are acting as co-managers. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock or any other securities, nor will there be any sale of the shares of common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Any offer, if at all, will be made only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained from Friedman, Billings, Ramsey & Co., Inc., 1001 Nineteenth Street North, Arlington, VA 22209 or UBS Securities LLC, 299 Park Avenue, Prospectus Department, New York, NY 10171. About Meruelo Maddux Properties Meruelo Maddux Properties is a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties in downtown Los Angeles and other densely populated urban areas in California that are undergoing demographic or economic changes. Meruelo Maddux Properties is committed to socially responsible investment. Through its predecessor business, Meruelo Maddux Properties has been investing in urban real estate since 1972. Media Contacts: Michael Bustamante Erin Cox Corporate Communications Investor Relations 213.291.2800 (office) 310.854.8319 916.425.0839 (cell) DATASOURCE: Meruelo Maddux Properties, Inc. CONTACT: Corporate Communications, Michael Bustamante, +1-213-291-2800, or cell, +1-916-425-0839, or Investor Relations, Erin Cox, +1-310-854-8319, both for Meruelo Maddux Properties, Inc.

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