IRWINDALE, CA-Construction begins on the 40-acre last phase of Trammell Crow's 126-acre Irwindale Business Center, where an existing 1.2 million sf is filled. Pre-leasing has filled more than 300,000 sf in the 800,000-sf final phase.

LAKEWOOD, NJ-The transaction follows the company's acquisition of a 17-property portfolio of shopping centers from Acadia Realty Trust last spring. The average interest rate will be cut drastically.

EMERYVILLE, CA-State Farm is restructuring its California operations to reduce its number of claim office from 66 to 20. As a result, the insurer has signed leases in Roseville and Emeryville, where it will consolidate workers.

HOUSTON-Vantage Cos. revs up work on a 92,000-sf addition to Beltway 8 Business Park, a 262,000-sf development that's fully leased to six tenants. Less inventory, higher occupancy and good prospects for new product make the timing right, Vantage says.