Previous ownership of the Trammell Crow-developed building consisted of a joint venture among Trammell, Real Capital and Triad. Cushman & Wakefield brokers Ralph Smalley and Chris Marshall spoke for the sellers, while Newmark Capital Group's James Cate, Brad Simmel and David Caldwell advised Manulife. Legal counsel for Manulife came from Paul, Hasting, Janofsky & Walker. For the seller, it was Arnall Golden Gregory.

The market-setting price actually could have gone higher, says one source close to the deal. "They put this building on the market in November and asked for a buyer to close by year end," says the observer. "As a result, there was a few million left on the table."

Not so, say spokespeople for the ownership entity, which was doing business as Proscenium LLC. "The building is absolutely fully priced," states Patrick Henry, managing director at Trammell's local office. "We develop and sell a lot of property, and we're very attuned to what the valuation possibilities are here. We were under no pressure to sell by the end of the year. We made the decision to sell because it was the absolute best time to sell. The highest price was achieved by closing this year."

And how does Manulife react to the debate? "Frankly," says a spokesperson, "118 million suited us just fine."The Proscenium is home to such tenants as children's clothes manufacturer Carter's, which is headquartered there; West Wayne Advertising; and Chase Manhattan.