The purchase was for the two buildings, which have a total of 361,400 sf, in addition to an 11-acre parcel of land that can be developed into additional office space. Henderson says he is not aware of any immediate plans to develop the land. ING had spent approximately $3 million on renovations to the property, with the majority of the funds spent on the 166,300-sf building, adding amenities such as a conference center, fitness center and café, as well as to adding parking.

The two towers have a combined occupancy rate of about 85% with all 10 floors of the 195,000-sf Caremark Towers II occupied by Caremark Rx Inc. Caremark renewed their lease at Caremark Towers last year. Other major tenants include Coldwell Bank Residential Real Estate and Kenny Construction Co. The average lease rate for the area is about $14 per sf net. "There is an opportunity to enhance the cash flow and value of the property," Henderson says.

Allstate, based here, provided a $50.2-million combination fixed and floating rate loan to the joint venture to allow for prepayment and partial release flexibility and take advantage of low fixed rates, said company officials in a statement. Bill Barry, from Draper and Kramer Inc., arranged for the financing, which has a term of three years. "This is a terrific location in a market we know well given that it is in our own backyard," Henderson says. "It is an opportunity to make a loan to two borrowers, both of whom we have had experience with in the past." Allstate has previously provided a loan to the joint venture.