Michael Knott, a senior analyst at Green Street Advisors in Newport Beach, thinks Nelson Rising, the new boss at troubled office-tower owner Maguire Properties Inc., will turn this O.C.-heavy real estate investment trust around — but it could take awhile.

Rising took over the reins of the company Saturday after founder Robert F. Maguire III stepped down following his failed attempt to buy 75% of the firm. The L.A.-company owns 17 properties in Orange County, a market that’s now seeing double-digit vacancies due to the mortgage meltdown and a slowing economy.

“Nelson Rising, the new CEO, is a positive,” said Knott, who specializes in office REITs.

Knott noted that Rising knows something about turnarounds. In the ’90s, Rising brought Catellus Development Corp., the development spinoff of Southern Pacific Railroad, back from a slumping real estate market. Knott said Rising also has a major incentive to turn Maguire around. “If he gets the stock price up to $45 in five years, he gets something like a $56 million payday,” Knott said.

Maguire stock closed Tuesday at $14.50, well off from its 52-week high of $37. But don’t expect that to happen anytime soon. “Investors should now think of it as a longterm turnaround,” Knott said.

For other recent O.C. office market stories:

• Renters the winners in 2007 O.C. office market

• Maguire plan to sell all but O.C. towers rejected

• O.C. building slump hits non-home projects, too

• Economic slowdown hits O.C. office market

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