No idea if this is related, but is this data DGN? And are you using 10.2.1? Or what version are you using? As reported in another thread, there's a bug with DGN files that is causing the data to be offset in ArcGIS. It's related to the global origin in the file. If there's an offset applied, it's getting read and used in ArcGIS. Tech Support told me that one solution is to convert the data to DWG. I assume removing the offset in the global origin would work too.
Normally the offset is large, so it might not explain your 200 meters.
Melita