The move is the latest in a series of quick turnarounds for theopportunistic firm, which was founded in January 1998 by Alan M.Leventhal and Lionel P. Fortin. The company recently, for example,completed the sale of the Draper Lab building in Cambridge for $68million. That and the adjacent Technology Square were purchased byBeacon in May 1998 for a total of $123 million. Beacon recentlysold 215 First St. in Cambridge for $68 million as well, with that300,000-sf property also acquired in May 1998.

The hyperactive trading is in sharp contrast to the Beacon Cos.,the venerable Boston-based firm that for nearly 50 years dominatedthe city's real estate market with its full-service, long-termownership approach. Founded by Leventhal's family, the Beacon Cos.was converted to a public REIT in 1995 under the stewardship ofAlan Leventhal and Fortin. That vehicle, Beacon Properties Corp.,was sold in December 1997 to Equity Office Properties, althoughEquity owner Sam Zell did not demand a non-compete clause fromBeacon's principals, allowing them to quickly form Beacon CapitalPartners.

Beacon officials were unavailable for comment, while TrammellCrow brokers declined comment. Nonetheless, one veteran investmentbroker agrees that Beacon has a far different approach to realestate than Alan Leventhal's father, Norman Leventhal, did duringhis time at the helm. "They've changed the whole way they dobusiness," says the broker. "They are just going to continue to buyand sell."