The buildings in the portfolio include the 39-story One Financial Place at 440 S. LaSalle St. with one million sf of rentable space; the twin 21-story buildings with a total of nearly 1.4 million sf of space at 10 S. Riverside Plaza and 120 S. Riverside Plaza; and 200 S. Wacker Dr., a 40-story office tower with 750,000 sf of rentable space. Behringer was interested in the portfolio because of the "proximity to mass transit and excellent West Loop and Central Loop locations," says Jason Mattox, executive vice president with Behringer. "Really, these are irreplaceable locations in what we consider to be an excellent long-term market."

The building at 200 S. Wacker Dr. is across the Chicago River from 222 S. Riverside and the adjoining building at 444 W. Jackson Blvd., which the REIT acquired for approximately $277.5 million from an affiliate of Beacon last year. The building on Wacker Drive is in the process of being renovated, which Behringer will continue with, Mattox says. The interior renovations include work on the lobby, elevators, the corridors and "potentially some adjustments to the restaurant and other deli amenities," he says.

All of the properties have occupancy rates in excess of 90% except for 200 S. Wacker, which has an occupancy rate of approximately 80%, Mattox tells GlobeSt.com. Some of the major tenants include Goldman Sachs, Chicago Stock Exchange, Morgan Stanley, Merrill Lynch, CDW Corp., Zurich American, Boston Consulting Group, Orbitz.com and the University of Illinois. Mattox could not provide an average asking lease rate since the rates vary depending on the location and floors.