NEW YORK CITY-During an event held here late last week, three real estate appraisal experts explained the harsh realities facing valuations of Lower Manhattan real estate. Unfortunately, said the experts, a turnaround in property assessments is not in the foreseeable future.

MIAMI-The 1.15 million-sf, 20-year-old, class A First Union Financial Center here has changed its name to Wachovia Financial Center to reflect the bank's merge with Wachovia Bank.

SOUTH KINGSTON, RI-State Street Global Advisors' real estate investment unit, the Tuckerman Group, closes on an equity investment in GrandeVille at the Commons Apartments, a 134-unit multifamily development. The project is being developed in a partnership with LeCesse Development Corp.

NEW YORK CITY-Upscale bakery shop Mondrian Pastry will open its first Manhattan shop directly across the street from Bloomingdale's. Insignia/ESG brokered the 15-year lease, which is valued at $5.6 million.