In January 2003, Fenley hired Holliday Fenoglio Fowler LP toexplore capital alternatives for the properties, that includes 11sites in the Louisville suburbs and two in the CBD. The portfoliowas attractive then, listed at about 90% leased, with the buildingsaveraging four years old.

It's not clear what prompted the company to wait five years tomake a decision with the properties, though back then David Fenley,president and CEO, indicated that he wanted to keep the buildings.A spokeswoman for the company refused on Thursday to discuss therecent financing.

The properties are now 88% leased to more than 100 tenants,including ADP, Allstate Insurance, IBM, Liberty Mutual and WachoviaSecurities. The sites include the three-building Fenley OfficePark, the five offices at Corporate Campus at Hurstbourne Green,the 119,000-sf One Olympia Park Plaza and the 104,000-sf One TritonOffice Park at Eastpoint Business Park.