If there were one word to describe today’s investment salesmarket, it would be surprising. It’s surprising that so many dealsare closing, surprising how much cap rates have declined andsurprising how quickly all of it has occurred after the investmentworld sank to its nadir in sales and pricing not so long ago.

Looking for a big office deal? If it’s just dollar amount andsquare footage you crave, a partnership led by Houston-based Hinesand Antarctica Capital Real Estate LLC is in escrow to buy an11-property, 7.3-million-square-foot portfolio of California stateoffice buildings for $2.33 billion.

For an eye-catching price per square foot, how about the $812that New York City’s Paramount Group paid for each of the 186,462square feet at 1899 Pennsylvania Ave. in Washington, DC at a caprate estimated at 5.7%? Or the $503 per square foot that NewportBeach, CA-based KBS REIT paid for the 1.3 million square feet at300 N. LaSalle St. in Chicago at an estimated 6.2% cap rate?

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