In addition to a representative from Lend Lease, the auctiondrew Chicago investor David Azrin, whose interest in the HarmswoodOffice Center was heightened by the lender's bid of $8.9 million,nearly $3 million less than the original amount of the December1997 debt. However, GMAC would have become a bidder if necessary,says attorney John R. Weiss of Katten Muchin Zavis Rosenman, whorepresents GMAC.

Weiss tells GlobeSt.com GMAC used a short sale to get title tothe property quickly, and may well recoup more than its bid, whichwas less than $100 per sf. If GMAC recoups the full $11.66 millionowed by Harms Road Associates, LP, they would be selling thebuilding at $130 per sf.

Nonetheless, the property is attractive to Azrin, who tellsGlobeSt.com, "It's a very good location, it's in a steady market,there's predictable income. It's a good investment."