NAPERVILLE, IL-Sources say $16 million was the price paid by ajoint venture of Northbrook, IL-based Bixby BridgeCapital and Oak Brook, IL-based FranklinPartners in the purchase of 205,000-square-foot MetroWestoffice building. The property was previously purchased in January2006 for $33 million by a venture of General Investment& Development, Spaulding & SlyeColliers and DuPont Corp., but the first mortgage of $23million by Allstate was defaulted.

A source says the troubled building is only 50% occupied,including tenants Dun & Bradstreet and Wells Fargo. The10-story building was designed by local icon HelmutJahn.

Donald J. Shoemaker, a principal with Franklin,said in a statement that the acquisition is an opportunity tocreate long-term value in Naperville’s most recognizable officebuilding. “As an all-cash buyer, we have the capital to invest inthe property and plan on modernizing the facility to create an evenmore attractive environment for office tenants,” he said.

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