The buildings, which were constructed in 1986 and 1988, are eachfour stories and have a total of 145,000 sf of office space. Thecomplex is currently 54% occupied. Major tenants in the buildinginclude Omnicare Inc., which is the largest tenant in the building,and Pugmarks, Puckett says. The asking lease rate for the market isabout $20 per sf, gross, which will be about the asking lease ratefor the building. "We generally look hard at the market and try tobe at or below" the asking lease rate, Puckett says. Dan O'Neill,with Oak Brook-based NAI Hiffman Asset Management, is the leasingagent for the buildings.

The occupancy rate for the East/West Corridor submarket is about90%, Puckett says. The Park Place Office Complex currently has alow occupancy rate which is due to the prior owner not havingenough capital to maintain and lease the building as opposed toproblems with the buildings, he says. Quarter Circle plans onspending $4 million on capital improvements and leasing costs, suchas tenant improvement packages and leasing commissions, says StarrSchulke, chief investment officer of Quarter Circle. The funds willalso be spent on some deferred maintenance such as parking lotlandscaping improvements and repairs to the heating, ventilationand air conditioning system, Schulke says.

Quarter Circle focuses on properties that are "sound realestate" but have "capital stress," Puckett says. The firm acquiresproperties ranging from $5 million to $25 million. Quarter Circleplans to hold the Park Place Office Complex for two to five years,Schulke says.