IPC US REIT announced that it completed the purchase of the McDonald Investment Center. The 529,000-square-foot, 23-story, class-A office building is located at 800 Superior Ave. in downtown Cleveland, OH. Key Bank and its subsidiary McDonald Investments occupy approximately 70% of the building under leases expiring in 2006 and 2009 respectively. Calfee, Halter, Griswold, a major Cleveland law firm, occupies approximately 20% of the building under a lease expiring in 2010. Commenting on the transaction, Vinay Kapoor, IPC US REIT's president and CEO, stated "We are very pleased to add McDonald Investment Center to our portfolio. This accretive transaction provides additional stability to the REIT due to the long-term nature of the leases and the credit worthiness of the tenants." The purchase price for the building was $45.5 million or $86.01 per square foot.