November 21, 2001 Shorenstein Co. has reportedly lined up a $250 million deal to buy a 44-story office tower in Chicago's West Loop.The San Francisco-based investor has agreed to buy 500 W. Monroe St. from its Japanese owner,...

November 21, 2001WASHINGTON – A District of Columbia auditor released a report yesterday claiming that more than 30 percent of D.C. property owners are taking advantage of a valuable tax break when they do not deserve it, costing...

November 21, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterAmid a struggling downtown San Francisco office market, law firm Farella Braun + Martell LLP has renewed and expanded its lease at the historic Russ Building, which...

November 21, 2001 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has hired Dene Rogers as senior vice president, strategic planning.Rogers also will serve as a member of the company's senior operating committee. He will...

November 21, 2001 Security Capital Group will sell its Homestead Village Inc. chain of extended hotels for $740 million to the Blackstone Group – that's $160 million less than what the group agreed to pay before Sept. 11,...

November 21, 2001 O&Y Properties sign up 2 more tenants for Toronto office projectTORONTO – Deloitte & Touche LLP and Bank of Montreal have committed to respective leases of 35,000 square feet of office space and 6,500 sf...

November 21, 2001 Simon renovating Dadeland MallMIAMI – The Simon Property Group is spending $30 million to renovate the Dadeland Mall. Project plans include a complete refurbishment and extensive renovation of all mall common areas, including new seating...

November 21, 2001 HARTFORD, Conn. – CNL Hospitality and Interstate Hotels Corp. (Nasdaq:IHCO) have formed a joint venture that will buy two hotel properties for $22 million.The properties are the 90-key Courtyard by Marriott and the 96-room Residence...

November 21, 2001 BEAVERTON, Ore. – PS Business Parks (AMEX:PSB) has purchased the Cornell Oaks Corporate Center for $87.5 million.The transaction, which also included 24 acres of developable land, was funded with cash and proceeds from a $60...

November 21, 2001 NEW YORK – Fitch has upgraded Cigna Investments Inc.'s special servicer rating to CSS2-plus from CSS2.The rating upgrade is based in part on Cigna Investment's extensive experience working out and liquidating assets from its portfolio,...

November 21, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterMassachusetts Mutual Life Insurance Co. is looking to sell 300 Harmon Meadow Blvd., a 125,000-square-foot office building in Secaucus, N.J.The pension fund, advised by Cornerstone Real Estate...

November 20, 2001 NEW YORK – Hotel markets around the globe have suffered substantially from the soft economy and the aftereffects of the Sept. 11 terrorist attacks. But the downturn in the sector could result in solid opportunities...

November 20, 2001 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) expects a $10 million pre-tax capital gain in its fourth quarter and year-end 2001 financial results from the sale of the Fresh Meadows Apartments, a 140-building residential...

November 20, 2001 Jones Lang LaSalle (NYSE:JLL) has named Eoin Slavin president and chief executive officer of its operations in Brazil, effective Jan. 1.Slavin replaces Chris Penn, who will serve as chairman of South American operations from his...

November 20, 2001 OAK PARK, Ill. – American Retirement Corp. (NYSE:ACR) has purchased a 196-unit retirement center for $13.2 million from National Health Properties.The company received a $13 million mortgage from GMAC to buy the Holley Court Terrace...

November 20, 2001 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has named Anne R. Coolidge as president of Corporate Property Associates 15, its newest net lease real estate investment trust that opened to investors on Nov. 15.Coolidge...

November 20, 2001 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) plans to raise $125 million from the sale of 5 million shares of series B cumulative redeemable preferred shares that carry an 8.5 percent coupon at $25/share.Proceeds...

November 20, 2001 Beacon building spec buildings in NCCharlotte (N.C.) ObserverHUNTERSVILLE, N.C. – Beacon Partners, which filled 70,000 square feet in two speculative buildings over the past year at the NorthCross Business Campus, has started two more office/warehouses...

November 20, 2001 PEORIA, Ariz. – AmeriVest Properties Inc. (NYSE:AMV) has purchased the Arrowhead Fountains Office Building for $12.75 million, or about $133/sf.Arrowhead Fountains is being purchased at a first year capitalization rate, or initial yield, of more...

November 20, 2001 LAFAYETTE, Calif. – Union Bank of California has provided $21.8 million in financing to Bedford Property Investors (NYSE:BED) for nine properties in California.The three-year loan bears a floating-rate interest that is 160 basis point over...

November 20, 2001 NEW YORK – Fitch has raised its ratings on two classes of Merrill Lynch Mortgage Investors 1995-C3, and affirmed other rated classes.The $38.6 million class B was upgraded to triple-A from double-A, and the $32.2...

November 20, 2001 ST. LOUIS – Pinnacle Holdings Inc. (NYSE:BIGT) has closed on the sale of two carrier hotels, the Tucker Building and the Valley Building.Proceeds of $22 million will be used to repay bank debt, including the...

November 20, 2001 REIT raises C$44.5Mln from equity issueTORONTO – Retirement Residences REIT has completed its sale of 3.8 million units for C$11.75/unit. Retirement Residences used part of the C$44.5 million (US$28 million) in proceeds to pay the...

November 20, 2001 NOTE: Credit support in parentheses indicate levels when excluding the unpooled G and H classes. Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Priced Benchmark A1 250 27.3 (21.2) AAA Aaa 1.55...

November 20, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has amended its $140 million line of credit, allowing a relaxation of some of the terms through Dec. 31, 2002.RFS, which is in full compliance with all...