Anglo Irish Bank is providing more than $92.9 million in acquisition financing for the deal. "It is obviously a great location, we like the office market in Chicago and we have a lot of very active clients who like to get exposure to major US cities," says Eddie Byrne, head of lending for Anglo North America. "We see this as a good opportunity with a very good partner."

BPG purchased the 349,409-sf building in 2003 for $62.7 million, says Joseph Neverauskas, senior vice president with BPG. When BPG bought the building, the occupancy rate was about 82%. In 2005, BPG had renovated the building's corridors, restrooms and life safety features in addition to work on the building's facade. "We are 94% leased right now and, with capital markets and so forth, it is a good time to sell. We created our value," Neverauskas says.

There is 20,203 sf of retail space and 329,206 sf of office space. Neverauskas would not say what the average retail lease rate is for the building. The average lease rate for retail space with frontage on Michigan Avenue is $500 per sf, but both Coach Inc. and Johnston & Murphy Inc. have long-term leases and are paying less than that amount, he says. The average lease rate for the office space is $16 per sf, net, he says. Other major tenants include GSD&M Advertising, architectural firm Solomon Cordell Buenz & Assoc. and GAP.