35 class A

IPC US REIT's portfolio is top heavy with such top tier assets as the 574,812-sf Loop Central at 4848 Loop Central Dr. in Houston's Galleria. It also owns properties in Florida, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania and Tennessee. Altogether the portfolio stretches across 9.6 million sf in 13 states.

Since the August announcement, IPC US REIT has been seeking buy-out offers under the initial agreement's "go-shop" clause, which expired Sept. 30; however, all signs over the course of the last few months pointed to a successful closing by Behringer Harvard--if only because IPS US REIT had conducted an exhaustive search for a buyer prior to inking the definitive agreement with the Dallas-based REIT.

For Behringer Harvard, the acquisition will expose its REIT I's portfolio to 16 new markets, not to mention being the largest single acquisition in dollars and size in the company's history to date. REIT I tends to be populated with institutional-grade assets acquired for eight- to 12-year hold periods so the firm's approach to its new acquisition will likely focus on tighter management of these assets as well as some strategic repositioning.