NEW YORK CITY-In 2003 Wells Real Estate Funds vowed to make a splash in the Manhattan market. They're doing it, apparently. The firm's REIT Fund I closed on the one-million-sf asset on New Year's Eve--its first Manhattan buy.

ATLANTA-Some insiders say that the class A office asset wasn't sufficiently marketed and that, as a result, there was "money left on the table." Not true, say the sellers, who closed yesterday on what is being billed as one of the highest-priced transactions in recent local history.

WHITE PLAINS, NY-After months of speculation, the chain, which boasts 135 luxury hotels in 56 countries, will be freed of recent troubles when Lehman and locally based Starwood take it over.

NEW YORK CITY-The window of opportunity for TIs and free rents is slowly closing, according to the folks of Grubb & Ellis. All boats will rise in '04, but not equally, it seems.

NEW YORK CITY-Cresa Partners has solidified its tri-state New York presence by signing locally based FSI as its local-area property management guru. The deal is expected to increase New York-area revenues by at least 10%.

SAN FRANCSICO-Real Estate Media's editor in chief takes the helm of the 600-member National Association of Real Estate Editors for 2004. The association, which celebrates its 75th year, represents journalists covering commercial, residential and finance markets and print, online and broadcast media around the country.

NEW YORK CITY-The road show has begun on the first floating rate securitization co-sold by JPM and CIBC. The pool is made up of some 15 mortgages, including 277 Park Ave. and a mix of other office, hotel, retail, multifamily and manufactured housing assets.

ATLANTA-In a document obtained by GlobeSt.com, Wells states that the National Association of Security Dealers' sanctions raise no issues not previously disclosed by Wells. Nevertheless, the locally based REIT consents to the sanctions and settles the fine.