Foresite bought the property in September 2005. Shapiro wouldnot disclose the sales price but, according to a Foresite pressrelease from January 2006, CapitalSource Finance provided acommitment for a $17.7-million mortgage loan for the purchase andrenovation of the property. "It had been owned by numerous groupsover the past six to seven years. It had been in a court reportedreceivership," he says. "The property did not receive the type oftender loving care and the capital improvements necessary topresent it to the marketplace." Renovations to the propertyincluded upgrades to the elevators, restrooms the restaurant andthe conference facility and "huge aesthetic improvements to thelobby," he says. The parking lot and landscaping were alsoredone.

Foresite normally holds properties anywhere from 18 months tofour years. "We were approached on a very quiet basis from a groupwho was looking to buy property and we decided to take advantage ofthe market and sell," Shapiro says. Foresite's current headquartersis in the office building and, Shapiro says, it will remain in thebuilding for now.

The seven-story class A office building is currently 55% leased,says Donald Shapiro, president of Foresite. "In 2005, it was leasedat a 63% level on its way down to about 47%," he says. Foresite hadto wait for some of the building improvements to be completedbefore leasing the building and new tenants moved into about 10,000sf of space on Feb. 1. Asking rent for class A office buildings inthe O'Hare submarket is about $25.37 per sf, according to a Grubb& Ellis fourth quarter market report.