Terms were not released; however, if the acquisition was in theneighborhood of the $183 per sf Atlanta-based Wells paid for WindyPoint in Schaumburg, also a recently completed project, the localdeal was worth $35 million. Windy Point was bought with ZurichKemper Life Insurance Co. leasing 300,000 sf.
"We are purchasing the property well below replacement cost, andit is well-positioned in the marketplace to be a quality, long-termportfolio asset that we expect to generate income for ourinvestors," says chiefinvestment officer David Steinwedell.
American InterContinental University leases 135,000 sf for itsonline division at Two Park Center while Philips Medical Systemshas 33,000 sf.
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