The 15 year-old building was owned by a partnership that included SunTrust and Equitable Life. That partnership conveyed the building to its lender, Connecticut General Life Insurance Company, in 2000. CGLIC, through a subsidiary, will retain an ownership interest in the new owner partnership.

A prepared statement from the Memphis office of L.J. Melody & Co. didn't give the size of the building or percentage amount of CGLIC's ownership interest. Bears, Stearns Funding Inc. of New York provided the buyers with a $40 million loan at an undisclosed interest rate. Melody arranged the financing.At closing, the building was 82% occupied, according to Rob Lowe of Mission Property Co. Lowe, a principal in Mission Property and the ownership partnership, will continue to provide leasing services. Lynn Sugg will continue as the on-site building manager. Space in the building rents for $20 per sf, Lowe says.