CHICAGO-Funds from operations were off 16% in the first quarter while occupancy continues to slide, but Equity Office Properties Trust officials are optimistic, largely because of the benefits expected from its EOPlus initiative.

SEATTLE-Seattle's oldest property development company promotes Richard Stevenson to the position of president and chief operating officer. A. M. Clise, the fourth generation of his family to run the company, will continue on as chairman and CEO.

MADRID, SPAIN-The 167-room property is acquired by a 50/50 joint venture of Orient-Express Hotels and Omega Capital, a major Spanish investment company that owns commercial space, offices and hotel properties in the United States and Europe.

MONTCLAIR, NJ-The transactions, involving two new tenants and two renewals, come at the company's Central Park Corporate Campus, which straddles this city's border with Bloomfield.