The Chicago office of Holliday Fenoglio Fowler, LP, which wonthe exclusive listing agreement to market the property overlookingthe Lakeshore East development, is taking the building to marketwithout a price tag. However, brokers familiar with the marketwould not be surprised if the price ends up in the neighborhood of$150 million.

Capitalizing on a market that continues to see lowcapitalization rates and plenty of capital chasing few deals,Archstone-Smith already has shed its 457-unit Plaza 440 for areported $107 million. That 13-year-old building is being convertedto condominiums.

Although the Downtown multifamily sales market has beendominated by private investors and condominium converters, HollidayFenoglio Fowler senior managing director Matt Lawton expects justone of those two groups to be among the bidders. Condo convertersand pension funds are most likely to make offers on the first classA, recently stabilized asset to hit the market in a decade. "Ithink they'll be pent-up demand," Lawton tells GlobeSt.com.