Karson tells GlobeSt.com that Gift Mart is only paying about $7per sf for its 230,000 sf, about half of the $14 per sf lease paidby the other two tenants, United Healthcare and MNI Bank. Thehealth group takes up most of the rest of the building, with thebank taking 25,000 sf. "United is a key tenant," Karson says. "It'svery likely that they would take some, if not all, of the spacevacated by Gift Mart. If that happens, it would increase thebuilding's value by $25 million."

The loan is really for about $55 million, with another $10million "good news" facility. "This gives the property owner theability to use the $10 million to help move out the tenant, but ifthey don't need it, it's at no cost to them," Karson says. Theinitial loan funding equates to a value of less than $85 per sf,says Andrew Oliver, managing director and principal at SonnenblickGoldman.