Murphy says the decision to sell the building was not made by MB Real Estate. "Based on our strategic objectives, the building hit a value that was the appropriate time to basically exit our investment in the property," he says. "It seemed to be something that worked very well for everyone involved."

In 2003, the joint venture purchased the 28-story building for less than $50 million, he says. Murphy tells GlobeSt.com there were several factors that contributed to an increase of value of $28 million in the few years since they purchased the property. The joint venture "completely renovated the lobby, increased the retail presence along Jackson [Boulevard] as well as Wells [Street], put in the tenancy of Chase Bank and, in addition to that, we did several different lease deals," Murphy says. "The most recent and significant one was a 104,000-sf transaction with Cash America International."

Cash America will be expanding to five floors later this year, a source said. The other major tenant in the class B office building is the Nielsen Co., which has 100,000 sf. The building is more than 90% leased with an average lease rate of $15 per sf net, the source said.