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.

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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.

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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.

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But, make no mistake: CBRE isn't under any pressure to sell, onesource stresses to GlobeSt.com, nixing any notion that the assetsmight in some fashion be linked to the coffers of Goldman Sachs,Lehman Brothers, American Insurance General, Merrill Lynch, MorganStanley or any other capital markets player that's made headlinesof late. The reality is the seller is a value-add fund that's addedits value and is ready to move on to its next project.

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In July, CBRE Investors paid roughly $176 million for the1.03-million-sf Colonnade I, II andIII in North Dallas. The source says the owner logicallydoesn't want to be over-invested in any one marketplace.

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The Summit, situated on 4.1 acres, has JPMorgan Chase & Co.in 65,993 sf or 17.9% of the building. It has 6.3 years left on itsterm. The second largest tenant is Administaff Inc., which has48,612 sf or 13.2% tied down through October 2016. Other toptenants are Dow Jones & Co., FelCor Lodging Trust Inc., ChartOne Inc. and Highgate Holdings. And the high rise's LEEDcertification is suppose to be in hand by April 2009.

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[IMGCAP(2)]The Tower at Lake Carolyn and its garage, positionedon 3.5 acres, has five tenants occupying more than 40% in leasesthat have an average of 6.4 years left on terms. HFF's summary alsosays 42% of the leased space expires before 2014.

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The market sources say there are buyers and there are lendersfor low-leverage loans on high-quality assets despite the toughchallenges to get deals done in today's cataclysmic capitalmarkets. "Selling in today's market is possible although we do havea more shallow pool of buyers," one source adds.

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But, another source does shed some doubt. "In light of what'shappened in the past week, I can't tell you what's going tohappen," the veteran says. "But if there is a market for class Aoffice buildings in Las Colinas, those certainly are qualitybuildings."

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