The newly formed Jones Lang LaSalle team of John Alvarado, JackCrews and Evan Stone, all managing directors, has won the nod tosell the 10-story building at 1431 Greenway Dr., a 75%-leased,class A-minus asset in a submarket with rising rental rates andhardy absorption. "The office center is really well positioned forrapid appreciation," Alvarado says. "That's part of the reason whyRreef is bringing it out."

Alvarado says the game plan is to start marketing the Embassy inthe second week of September, with the call for offers at month'send. The San Francisco-based Rreef's decision to sell comes at atime when comparable space is fetching $120 per sf to $130 per sf.Just recently, the 235,189-sf Canal Plaza traded for $23.5 million,according to one industry database.

The Embassy's upcoming free-and-clear sale also is hitting justas quoted rates for top-tier office space have breached the $30 persf mark, opening the door for lower-grade class A's to benefit inthe chase for tenants. The Embassy's rate for direct space isn'tavailable, but one sublease opening is priced at $18 per sf. RreefAsset Management Inc. is the building's overseer.