The building was constructed in 1972 with several renovations inthe 1990's. A two-level parking garage was included in the sale,Grossman says. The property also has surface parking. Trammell Crowplans to renovate the lobby, upgrade the common areas and willrenovate the building from a single-tenant facility to amulti-tenant facility, Grossman says. The cost of the renovationswill be "a couple of million dollars" and will turn the propertyinto a "B+ asset," she says. Renovation work has alreadystarted.

GlenStar purchased the property in 2004 from PrudentialInsurance Co. of America, based in Newark, NJ. The property wasreportedly sold for $12.5 million in 2004. Prudential leased 60,000sf after the sale before moving fully out of the building soonafter, Grossman says.

The financing from Wrightwood Capital is a bridge loan. Grossmanwould not disclose the term of the loan but said that the bridgeloans typically have a term of between two and three years. Theinterest rate was not disclosed. Grossman said the property islocated at eastern end of the East-West Corridor, which hastypically performed better than the rest of the submarket. Thebuilding is located directly east of the Oakbrook Center shoppingmall, she says.