NEW YORK CITY-Issues on debt repayment have been agreed upon and GMAC Commercial Mortgage Corp. is readying the paperwork to begin the process of settling up the accounts.

BROOKLYN, NY-Next up for the redevelopment of the Downtown portion of this New York City borough is the beginning of in-depth traffic and marketing surveys and a public review process.

NEW YORK CITY-Corporate headquarters space for tobacco giant Phillip Morris is in the process of being relocated from 120 Park Ave. here to Richmond, VA. It is expected to be completed by June 2004.

CHICAGO-Heitman Value Partners LP expects to invest $350 million in the US and another $350 million in Europe next year and is actively searching for public and private partners for joint ventures.

NEW YORK CITY-A 115,000-sf lease renewal by original tenant Thomas Publishing capped off a banner time for leasing at 5 Penn Plaza. The site also had another renewal and two new tenants take space.

NEW YORK CITY-A joint venture comprised of Swig Burris Equities and Zamir Equities acquired 44 Wall St. for a price of just under $200 per sf. Swig Burris adds to its Downtown portfolio that includes 48 Wall and 5 Hanover Square.

NEW YORK CITY-Due to a number of lease expirations, 168,763 sf of office space at the IBM Building is on the market. A team from Cushman & Wakefield has been retained to find new tenants for the Plaza District site.

NEW YORK CITY-On the heels of selling $120 million in preferred shares and preferred units, the REIT now sells $200 million in seven-year notes. Bank of America Securities says Vornado will focus on the retail sector.