December 15, 1999 Tishman Speyer Properties has agreed to pay $540 million, or $415/sf, for 666 Fifth Avenue in Midtown Manhattan, according to the Wall Street Journal.The 1.3 million-square-foot office building is being purchased from Sumitomo Realty &...

December 15, 1999 CHICAGO – Lend Lease US Office Trust, a unit of Lend Lease Real Estate Investments Inc., has completed the purchase, for $533.9 million, of an interest in seven office buildings owned by Equity Office Properties...

December 15, 1999 NEW YORK – Duff & Phelps Credit Rating Co. has upgraded $591 million of cumulative preferred stock of Apartment Investment and Management Co. (NYSE:AIV) to double-B-plus from double-B.The upgrade is based on improvement in AIMCO's...

December 15, 1999 Equity Office Properties Trust (NYSE:EOP) has filed a Form 8-K (Current Report) withthe SEC.

December 15, 1999 LOS ANGELES – GIC Real Estate Inc., the real estate investment arm of the Government of Singapore Investmetn Corp., has committed to invest $20 million to Commercial Mortgage Investment Trust Inc., a private REIT managed...

December 15, 1999 NEW YORK – Lexington Corporate Properties Trust (NYSE:LXP) has sold a 133,861-square-foot retail property in Federal Way, Wash., for $15.2 million.The property is net-leased to Eagle Hardware & Garden Inc., which pays $1.23 million of...

December 15, 1999Associated PressSAN FRANCISCO – Oil giant Chevron Corp. has sold its two San Francisco headquarters buildings to a venture between Tishman Speyer and Travelers Insurance for $189 million, or $252/sf.The two buildings are at 555 Market...

December 15, 1999 SEATTLE – Franchise Finance Corp. of America (NYSE:FFA) has struck an agreement to sell loans that it originates to Washington Mutual Inc. (NYSE:WM). But the lender is still planning to securitize up to $400 million...

December 15, 1999 Ohio firm to start work on Southpoint office developmentFlorida Times-Union, December 15JACKSONVILLE, Fla. – Ohio-based Miller-Valentine Group plans to start construction this month on an $11-million office development in Southpoint. Plans call for a three-story,...

December 14, 1999 SAN FRANCISCO – T. Robert Burke, chairman and a founder of AMB Property Corp. (NYSE:AMB) will retire at the end of the year. His retirement was one of several executive changes announced by the REIT...

December 14, 1999NEW YORK – Stephen B. Hansen, former senior vice president with Boston Financial, has joined Clarion Partners as a director responsible for portfolio management and investment activities.Clarion, a pension-fund adviser, manages some $8 billion of real...

December 14, 1999 NORTHBROOK, Ill. – Allied Capital Corp. (NASDAQ:ALLC) has sold a 160,000-square-foot office building in Columbia, Md., for $22 million, or $138/sf.The building, which serves as Amerix Corp.'s headquarters, was purchased by Corporate Property Associates 14...

December 14, 1999 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has completed its $238 million purchase of IBM Plaza, a 1.4 million-square-foot office building in Chicago.The REIT financed its acquisition with a $160 million first mortgage from Westdeutsche...

December 14, 1999 AMB Property Corp. (NYSE:AMB) has filed a Form 8-K with the SEC.

December 14, 1999 First Union National Bank, Commercial Mortage Trust, Series 1999-C4ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriced(BP)Bnch.MarkA-120626.25AAAAAA5.4+100.5Treas.A-2447.326.25AAAAAA9.7+119.75Treas.B through F*144--AA to BBB-AA to BBB-------G33.26.25BB+NR**10.8----H11.15BBNR11.6----X885.8--AAArAAA9N/A**N/A* Classes B through F, rated AA to BBB-, were pre-purchases and therefore not available.** Not available.

December 14, 1999 Kranzco Realty Trust (NYSE:KRT) has filed a Form 8-K with the SEC. The filing includes the Dec. 10 Agreement and Plan of Reorganization and Merger, which details how Kramont, the company formed by a merger...

December 14, 1999 Wellington Properties Trust (AMEX:RPPa) has filed a Form DEF 14A with the SEC. The proxy has been filed in preparation for Wellington's annual shareholders' meeting in Minneapolis on Dec. 29.

December 14, 1999 Franklin Select Realty Trust (AMEX:FSN) has filed a Form DEFS14A with the SEC. The proxy is filed in preparation for a special shareholders' meeting to be held on Jan. 25 in San Mateo, Calif.

December 14, 1999 REIT to focus on Orlando holdingsOrlando Sentinel, December 14ORLANDO, Fla. – Highwoods Properties is closing next week on the sale of 21 properties in Orlando and Tampa for $165.3 million. But the REIT is moving...

December 14, 1999 NEW YORK – Cornerstone Properties (NYSE:CPP) paid a private investment partnership $36 million for Parkside Towers, a fully entitled development project in Foster City, Calif.At the same time the REIT sold Belmont Shores, a 142,000-square-foot...

December 14, 1999 BALTIMORE – Municipal Mortgage & Equity LLC (NYSE:MMA) has structured $14.2 million of tax-exempt mortgage revenue bonds for the property known as Meridian at Bridgewater, an assisted-living facility in Bridgewater, N.J.The 30-year bonds, issued by...

December 14, 1999 Wellington Properties Trust (NYSE: RPP) has filed a Form DEF 14A (Definitive Proxy Statement) with the SEC.

December 13, 1999 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide (NYSE:HOT) has formed a venture with Ritz Plaza Hotel Associates, the owner of the Ritz Plaza Hotel in Miami's South Beach area, to renovate and redevelop...

December 13, 1999 WASHINGTON – New York City has been named the best place in which to invest by foreign real estate investors.For the first time ever, New York topped such U.S. cities as Washington, which came in...

December 13, 1999 CONSHOHOCKEN, Pa. – CV Reit Inc. (NYSE:CVI) and Kranzco Realty Trust (NYSE:KRT) have agreed to merge. The resulting company will be called Kramont Realty Trust.Under the agreement, each Kranzco and CV REIT share will be...