When Gerding Edlen brought the three blocks it still owned to market in May, local real estate experts priced the package at between $250 million and $300 million. JPMorgan Asset Management, which invests on behalf of pension funds and others, came in at the top of that range to land the portfolio. There were reportedly 17 other bidders. The capitalization rate on the deal is in the low 5% range, local sources tell GlobeSt.com.

"I have mixed reactions [to the sale]; I lived and breathed this thing for seven years," Gerding Edlen principal Mark Edlen tells GlobeSt.com. "On one hand I hate to see it go; I truly did love it. On the other hand we have an obligation to our investors, and it was certainly a stellar return."

For the price, JPMorgan's undisclosed client is getting three contiguous blocks containing two office buildings and an apartment complex, all anchored by national retailers, and the majority of a 1,500-slip underground parking lot. The office, apartments and retail all command the highest rents in the city and a cap on the rate that can be charged for the parking is expiring in a few years.