NEW YORK CITY—Department store retailer Hudson Bay Co. reports it will open a free-standing Saks Fifth Avenue Men's Store at the Lower Manhattan retail hub.

BOSTON—Cresa, following through on what brokerage firm executives have described as an "aggressive" but "thoughtful" global expansion initiative, has expanded its operations to Australia.

NEW YORK CITY—City officials and executives from a joint venture of BFC Partners and Slate Property Group, have unveiled plans to built an expansive property at the now vacant Bedford Union Armory.

BOSTON—Boston Properties has spent $667.4 million to retire the outstanding mortgage debt on the former John Hancock Tower here on Clarendon Street.

Real estate investment firm Stonehenge NYC has acquired the Upper West Side multifamily asset.

BOSTON—The Massachusetts Convention Center Authority's Board of Directors tabbed veteran hotel executive David Gibbons as its executive director.

BOSTON—The most significant of the six development projects approved last week by the Boston Redevelopment Authority by far was the go-ahead to begin construction of the two-phased development known as Klarman Hall and the G2 Pavilion at Harvard University's Allston campus here.

NEW YORK CITY—Losses incurred by large hedge funds as well as the closure of some significant individual hedge funds are affecting rents in the Midtown office market.