Trizec Properties now has a fee-simple interest in the two WestLoop buildings along the Chicago River, rather than a leasehold.The buildings are 685,000 sf each.and most recently were 94.5%occupied, according to the company's first-quarter report.

"This deal enhances the value of our investment in these officebuildings by eliminating the risk and complexity of a short-termlease on the land beneath them," says Trizec Properties vicepresident Evan Boris in a statement.

American Premier Underwriters is a company formed as a successorto Penn Central Corp.

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