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SEATTLE-Fitch Ratings downgrades $195 million in debt securities tied to the 76-story office tower in Downtown Seattle owned by Equity Office Properties Trust, saying, "The lower market rents, increased vacancy and limited new leasing activity may affect the borrower's ability to refinance the loan at maturity in December 2004.
HOUSTON-The portfolio will get its jumpstart with three office acquisitions: two in New York City and one in Washington, DC. The marriage is intended to be long lasting, with Hines in the driver's seat for property management and leasing after the deals close.
ATLANTA-The Houston-based developer is negotiating with the King & Spalding law firm to leave Downtown after 118 years and lease 400,000 sf at the $125 million project planned for Midtown. Ground-breaking is tentatively set for 1Q 2004.
FOREST PARK, IL-The university's decision to relocate its administrative, information technology and finance departments to other locations puts the five-story building at 8601 W. Roosevelt Rd. in play. Sealed bids are due May 2.
COLORADO SPRINGS, CO-Progressive, an auto insurance company, is driving through plans for a 300,000 SF, three-building office campus on a 30-acre site in this community.
HOUSTON-Phelps Dunbar renews 22,497 sf for a 25-attorney office at 3040 Post Oak while the Douglas Group takes 7,864 sf at the same address. Structuring the pacts were brokers for Trione & Gordon and Hines, the former owner.
AUSTIN-The Instinet Group, a stock trader, takes the extra 5,000 sf to pull the staff under one roof instead of two in Austin. Lavaca Plaza in the CBD earns the deal and edge occupancy to 35%.
Untitled DocumentTen years ago, Real Estate Investment Trusts (REITs) owned less than one percent of institutional-quality real estate. Today experts say…