SOUTHFIELD, MI-Morgan Stanley decides to pull out of a real estate investment program, starting with the local retail mall REIT. The original preferred stake was worth $30 million, but paid a 9.6% coupon.

CARROLLTON, TX-Easton & Associates isn't stopping with just one acquisition in Dallas-Fort Worth, says a broker involved in the deal with the Miami investment company. The Carrollton property is just first out of the pipeline.

NEW YORK CITY-While industry watchers question the wisdom of CB Richard Ellis' ongoing negotiations to acquire Grubb & Ellis, overly zealous CBRE brokers may be monkeywrenching the job their bosses are trying so hard to complete. Sources say the firm's rumor mill has been working overtime following publication last week of an internal memo telling CBRE staff that the deal is in the bag.

WASHINGTON, DC-The National Association of Realtors announces its plan to construct its own $45 million headquarters on a parcel of land just blocks away from the Capitol. Upon its projected completion in 2004, NAR will occupy 33,000 sf of the 93,000-sf building, leaving the rest open for lease.