The purchase represents the company's second acquisition of aDowntown Chicago trophy property in as many years. Shorenstein, SanFrancisco's largest owner, entered the Chicago market when itbought the Hancock Tower, the city's second-tallest building, inlate 1998. "We don't target markets per se," says John Grossi,managing director and chief investment officer of Shorenstein. "Wemake acquisitions asset by asset, deal by deal."

Nevertheless, Grossi notes that the "Chicago market representsgood value compared to New York or San Francisco. Also, if evenhalf of the people projected to move to the Downtown area actuallydo, that will make for some very exciting times in the market."

The acquisition is the latest in a nationwide push byShorenstein, which has acquired and developed more than 11.3million sf across the country at a gross cost in excess of $2billion since 1992.