The building was part of Behringer's $1.4-billion purchase of 35 assets from IPC US REIT. The original CMBS lender was Wells Fargo Bank, N.A., and LNR Partners was the servicer for the loan.
The tower, 1650 Arch St. has fallen on some hard times in the last year. Law firm WolfBlock, which occupied 176,000 square feet in the building, went out of business in March 2009.
Now Behringer is aggressively marketing the space and will put about $7 million into renovating the asset over the next five years, Jason Mattox, the firm's chief administration officer, tells GlobeSt.com. Meanwhile, Jones Lang LaSalle heads leasing efforts for 1650 Arch St.
Behringer owns 2.5 million square feet Downtown. Its other holdings include the Wanamaker Building, Three Parkway and United Plaza.
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