New York City-On Tuesday, the Real Estate Lenders Associationheld a networking breakfast at the Yale Club here. The event wascapped off by a presentation from Jordan Kaplan, president and CEOof Douglas Emmett, a Southern California-based REIT that is activein the commercial and multifamily property markets in Californiaand Hawaii.

“There are a few trades coming in the next 60 days that willhelp to firm up pricing,” Kaplan told the crowd, alluding to thetrouble establishing value in today’s market. For its part, DouglasEmmett recently closed a deal on Wilshire Bundy Plaza in LosAngeles that ran around $360 per square foot and there were severalother trades in the area that closed at $400 a foot.

“These are buildings with large tenants that are almost 100%occupied,” Kaplan said. “But, interestingly, there is a building onOlympic Boulevard with one-month leases that will probably also gofor $400 a square foot. This should help us get a feel for wherevalues settle.”