FOR IMMEDIATE RELEASE
October 7, 2002
HARBOR GROUP SELLS TROPHY TOWER
IN LEXINGTON, KENTUCKY
Harbor Group International (HGI) of Norfolk,
Virginia has sold the 236,456 square foot Bank One Plaza
in Lexington, Kentucky. The property, located in
the heart of Lexington’s Central Business District,
was sold to IPC US REIT, a Canadian Real Estate Investment
Trust of which the Paul Reichmann family owns 25% of the
economic interest at a purchase price of $21.65 million.
The Class “A” property was purchased in 1999 by HGI from
Bank One at a purchase price of $19,400,000. It is currently 91%
occupied, with Bank One, the sixth largest bank in the United States,
occupying approximately 72% of the building. Other tenants include PricewaterhouseCoopers,
the law firm of McBrayer, Leslie, McGinnis & Kirkland PLLC, the law
firm of Cox, Bowling & Johnson, and the New Lexington Dining Club.
“
We are pleased with the performance of Bank One
Plaza. Our exit of this investment at this
time optimized our returns.” Said Jordan
E. Slone, Harbor Group International Chairman and
CEO. “IPC US REIT was looking to diversify
its portfolio and enhance its presence in the Midwestern
U.S. office market. These factors made the
timing of this deal advantageous to both companies.”
IPC owns and manages 4.7 million square feet in 26 buildings in the United
States (20 office and 6 retail).
IPC US REIT is the only REIT in Canada that invests exclusively in U.S.
commercial real estate. The units of IPC US REIT are listed on
the Toronto Stock Exchange under the symbol “IUR.UN” for
Canadian quoted units and “IUR.U” for U.S. dollar quoted
units.
The property sits on a one-acre site and covers an entire city block. It
consists of a 14-story tower and a 2-story annex situated atop of an
attached parking garage.
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