Market sources say the question isn't whether or not the85.2%-leased Summit at 545 E. John Carpenter Frwy. and 92%-occupiedTower at Lake Carolyn at 909 Lake Carolyn Pkwy. can draw offers,but rather if financing is available to get the deal, or deals,across the finish line. A Holliday Fenoglio Fowler LP team has beenhired to quarterback this year's run at the market, grabbing thelisting without competing against peers and packaging the play as ano-ask scenario with no firm call dates for offers. Dallas CentralAppraisal District has a combined assessment of $73.76 millionresting against the Lake Carolyn-fronting pair, which works out tonearly $101 per sf in a submarket where sales prices goconsiderably higher.

CBRE's SP III fund acquired the towers, both with highvacancies, in April 2005 from Chicago-based Equity OfficeProperties Trust Inc. Since then, the Los Angeles-based owner haspumped $4.5 million into renovating the 19-story Summit and $7million into the 20-story Lake Carolyn tower, according to HFFon-line executive summaries.

It's been no secret in the market that CBRE's leasing team hasbeen dangling sweetheart deals to pump up the buildings'occupancies for their resale. Sources say the strategy offered asmuch as $40 per sf in tenant-improvement allowances with unusedcapital able to be swapped for free rent. The unusual tact kept theowner from lowering base rents and cutting into net operatingincome streams.