"The acquisition provides us with a trophy-quality asset in a landmark location," says Intercontinental Real Estate Corp. chairman and chief executive officer Peter Palandjian, whose company paid $468 per sf on behalf of its Intercontinental Real Estate Investment Fund III. "The investment offers steady cash yields and the opportunity to create value through an aggressive management strategy."

Intercontinental Real Estate Corp. financed the acquisition, which includes a 1,140-space parking garage, with an $89.3-million mortgage from Anglo-Irish Bank Corp. PLC, according to property records. The five-year-old property forms the base of a 2.8-acre development that includes an 18-story Embassy Suites Hotel and 58-story, 620-unit condominium building. While median household income within a mile of the property was pegged at $54,373 in 2002, the median home value was above $1 million, according to MCL's demographics.