"The offers we are entertaining involve some complexities," saysPeracon account manager Robert Ginsberg, who is co-brokering theproperty with Pam Baker, a Portland-based broker with Insignia/ESG."It may be several more weeks that we are willing to entertainLOIs."

The four-story building at 701 Broadway is 100% leased by thespecialty retailer Nordstrom. The Peracon Web site describes is as"a premier property with a triple net base rent and a substantialcontingency rent affording bright prospects for future increases."A financial summary of the property shows that both effective grossrevenue and net operating income from the building dropped in 1999compared to 1998. In 1998, effective gross revenue was $1,123,751and the net operating income was $1,104,986. Last year, effectivegross revenue was $1,080,409 and net operating income was$1,069,492, thanks to an accompanying drop in total operatingexpenses of about $7,850.

Two-year-old Peracon bills itself as "the first Internet-basedcommercial real estate platform to provide buyers, sellers andtheir agents with full-service, end-to-end transactioncapabilities." The privately held company is a member of the BVGroup, a merchant-banking firm that invests in venture and growthcapital, private equity funds and privately negotiated stakes inpublicly traded companies. BV presently has more than $500 millionunder management and has completed more than 30 direct investmentsand ten private equity fund investments. Additionally, the Grouphas been the primary founder of several technology andcommunications ventures.