CHICAGO-King Sykes LLC, based here, has acquired the 151,570-sfbuilding at 2545-2555 S. Martin Luther King Dr. The seller wasHumana. A sales price was not disclosed but King Sykes received anacquisition loan of nearly $17.5 million. A loan-to-value was notdisclosed but “it was a very high percentage loan to value amount,”says Mike Huffman, senior vice president for debt and structuredfinance with ORIX Real Estate Capital Inc.

Locally based ORIX provided the financing for the acquisition.Huffman and Terry Connors, also with ORIX, arranged the loan. Theterms of the financing was not disclosed but acquisition loanstypically are for a term of three to five years and most have afloating interest rate, says David Brown, president and chiefexecutive officer of ORIX.

Advocate Health Center had been leasing a portion of thebuilding and recently signed a long-term lease renewal for theentire building. Advocate extended its lease by 10 years until2018, says Michael Madura, managing partner with King Sykes. Thelease rate was not disclosed. The property “is a great locationjust south of Downtown” and near McCormick Place and has a “highquality tenant,” Brown says.