WORCESTER, MA-The American Red Cross of Central Massachusetts buys a five-acre parcel off East Mountain Street in the Worcester Corporate Center. The organization plans to relocate its headquarters from downtown Worcester to this site, where it will build a 24,854-sf building.

SEATTLE-Construction is slated to begin this month on a joint venture between Harbor Properties and Vulcan Inc. Alcyone, a 162-unit residential project located in Seattle's Cascade neighborhood, will rise on Thomas Street and Minor Avenue North.

WASHINGTON, DC-The Atlantic Building is in for a renaissance, as CarrAmerica Realty Corp. and Douglas Development announce their plans to redevelop and expand the historic downtown structure at 930 F St. Upon its scheduled 2005 completion, the corner property will feature 290,000 sf of office and retail space.

LOS ANGELES-The new fund has $350 million in commitments and expects to reach $500 million. It will finance apartments, office, retail and industrial properties, providing high loan-to-value bridge loans and other types of funding.