Anglo Irish Bank is providing more than $92.9 million inacquisition financing for the deal. "It is obviously a greatlocation, we like the office market in Chicago and we have a lot ofvery active clients who like to get exposure to major US cities,"says Eddie Byrne, head of lending for Anglo North America. "We seethis as a good opportunity with a very good partner."

BPG purchased the 349,409-sf building in 2003 for $62.7 million,says Joseph Neverauskas, senior vice president with BPG. When BPGbought the building, the occupancy rate was about 82%. In 2005, BPGhad renovated the building's corridors, restrooms and life safetyfeatures in addition to work on the building's facade. "We are 94%leased right now and, with capital markets and so forth, it is agood time to sell. We created our value," Neverauskas says.

There is 20,203 sf of retail space and 329,206 sf of officespace. Neverauskas would not say what the average retail lease rateis for the building. The average lease rate for retail space withfrontage on Michigan Avenue is $500 per sf, but both Coach Inc. andJohnston & Murphy Inc. have long-term leases and are payingless than that amount, he says. The average lease rate for theoffice space is $16 per sf, net, he says. Other major tenantsinclude GSD&M Advertising, architectural firm Solomon CordellBuenz & Assoc. and GAP.