The $104.5-million purchase price for Ivanhoe Cambridge'sinterest in the center consists of $60.2 million of cash and $44.3million of beneficial interest in debt attributable to thisinterest. The cap rate for the transaction is 6.4%, based onprojected 2005 net operating income.

Additionally, Taubman paid off a $20-million note to IvanhoeCambridge at closing. This note, which was part of the initialequity investment in the project and could not be paid off untilNovember, carried an interest rate of 13%.

Taubman also reports Robb & Stucky will open a 120,000-sffurniture and design studio showroom at the center in early 2005.The new store will occupy the entire first level and part of thesecond level of the Lord & Taylor space. Plans also include anadditional 20,000 sf of specialty shop space on the second levelwith retailers to be announced.