NEW YORK CITY-Paramount Group is breaking from its typical long-term-hold strategy to flip the 592,000-sf asset. The assignment was just made to Lazard Freres, and the asset should hit the market in three weeks. Paramount bought the building in 1999 for $163 million.

GARDEN CITY, NY-Bristol-Myers Squibb doesn't need the 180,000-sf manufacturing facility it picked up here two years ago. Now it's looking for a like-kind buyer to make the most of the plant's high-tech installation.

NEW YORK CITY-Accounting and building-management personnel have been cut. Insiders say it's a sign of the times. TSP says it's preparing the firm for growth.

NEW YORK CITY-Here's a twist on a constricting market. The Community Preservation Corp.'s mortgage lending subsidiary actually needs space to grow. It found it, apparently, at 63 Madison Ave. A 16-year deal with sublessor Bank of New York has just been signed.

NEW YORK CITY-The target investments are junior loans and preferred equity positions, say the leaders of the fund, typically in the $8-million-to-$20-million range.

NEW YORK CITY-While Deutsche Bank consolidates its space at 60 Wall St., it assigns its sixth floor holdings at 1290 to Microsoft. The sheetrock is already moving in, says one source close to the deal, as the software giant preps its new HQ space.

JAMAICA, NY-Some $21 million in federal tax credits has pushed the class A office project one step closer to reality. Developer LCOR is already talking with anchor tenants.

NEW YORK CITY-After months of rumors surrounding the future of Lend Lease's US real estate operations, the global firm reveals this morning that a joint venture with Morgan Stanley might be in the works.