Built in the early 1900s for American Can Corp., the propertywas renovated in 1976 and converted to use as an apparel mart. A$16-million conversion in 1998 turned it into office space.RealNetworks leases 80% of the building through 2011. The ArtInstitute's lease runs through 2013.

This purchase marks Shorenstein's second venture with WrightRunstad. In October 2005, Shorenstein acquired an interest in anexisting Wright Runstad-sponsored partnership that owns a 50%interest in the 55-story, 1.1-million-sf Washington Mutual Tower inthe heart of Seattle's financial district.

At that time, industry sources told GlobeSt.com that Shorensteinessentially replaced Wright Runstad as EOP's 50-50 partner, butadded that Wright Runstad still owns a nominal stake and that EOPholds preferred equity which, in the event of a sale, would resultin EOP having a much larger equity interest. According to EOP'sannual report from March 2005, EOP holds a 75% equity interest inthe asset that it values at $342.5 million.