In an SEC filing Monday, G REIT said Archon originally had theproperty under contract for $77.8 million. The downward adjustmentwas made after further inspection of the property in September,according to the filing. G REIT paid $54.22 million for theproperty in December 2003; it was 67% leased at the time.

As of the end of 2005, the property's physical occupancy was66.8% and the annual rent per occupied square foot was $15.75.Annual rent from the property was $4.58 million, according to anSEC filing.G REIT, which is liquidating its portfolio, says thesale generated net cash proceeds of $33.7 million after paying offdebt associated with the property as well as closing costs andother transaction expenses. Transaction costs included a propertydisposition fee of $1.16 million and a sales commission of $465,000(0.6% of sales price).

Centerpoint Corporate Park's buildings are known as CascadeEast, Cascade West, the Commons and the Atrium. The buildings arepart of an eight-building, 735,000-sf class A suburbanmaster-planned corporate campus built on 40.29 acres. The 2001renovation of the Centerpoint buildings included all new finishesto lobbies, restrooms and common areas and unspecified structuralimprovements. Amenities include full-service restaurant tenant AlkiBakery, a fitness center and a childcare center with an outdoorrecreation area.

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