Deutsche Bank, Synovate and Contigroup Cos. are among thetenants in the building along the Chicago River, which was 92%leased at closing and underwent a recent renovation. Occupancy iswell above average for the submarket, where 18.6% of office spaceis available, according to US Equities Realty's most recent report.Published net lease rates in the building, which has access toUnion Station, start at $16 per sf.

At $175 per sf, the sale appears to be a discount compared toanother recently sold West Loop property built in the 1970s. SearsTower commanded a total price of $242 per sf. "Excluding theobservatory and sky deck, the price for the office portion of SearsTower drops to approximately $165 per sf," according to US EquitiesRealty.

Beacon Capital, which takes a value-added approach to itsacquisitions, swung the purchase with a $145.5-million mortgagefrom MetLife, sellers of Sears Tower.