JPMorgan International Plaza I and II went to a partnershipbetween David Walentas as majority owner and Fortis Property Groupwhile the third tower, viewed as the value-add to the deal, washanded off to the Mizrachi-Alcaly Group and Fortis, JonathanLandau, Fortis' lead executive responsible for the packaging, tellsGlobeSt.com. Landau says the deal was brought to him by DennisTrimarchi of the Schenectady, NY-based Trimarchi Management afterhe had worked out a contract with the pension fund, which teamedwith Dallas-based Wilcox Development Co. to develop the marqueeproperty at 14201, 14221 and 14241 Dallas North Tollway between1999 and 2002. "He found us and asked us if we were interested,"Landau says, "and we were."

Landau says Walentas' acquisition far exceeded the rumored $275per sf for the 351,248-sf and 405,603-sf towers, both of which haveJPMorgan Chase as the sole occupant through 2018. "It's akin to abond deal," Landau says, citing a likely long-term hold forWalentas' first acquisition in Dallas/Fort Worth. "The tower I andII acquisition by Walentas is a price that hasn't been realized inDallas to date."

The joint venture partners for the 351,248-sf third tower paid abit less than Walentas. "We believe in a stabilized position it'sworth a lot of money," Landau says, adding the plan for now is along-term hold as well.