When Gerding Edlen brought the three blocks it still owned tomarket inMay, local real estate experts priced the package at between$250 million and $300 million. JPMorgan Asset Management, whichinvests on behalf of pension funds and others, came in at the topof that range to land the portfolio. There were reportedly 17 otherbidders. The capitalization rate on the deal is in the low 5%range, local sources tell GlobeSt.com.

"I have mixed reactions (to the sale); I lived and breathed thisthing for seven years," Gerding Edlen principal Mark Edlen tellsGlobeSt.com. "On one hand I hate to see it go; I truly did love it.On the other hand we have an obligation to our investors, and itwas certainly a stellar return."

For the price, JPMorgan's undisclosed client is getting threecontiguous blocks containing two office buildings and an apartmentcomplex, all anchored by national retailers, and the majority of a1,500-slip underground parking lot. The office, apartments andretail all command the highest rents in the city and a cap on therate that can be charged for the parking is expiring in a fewyears.