BOSTON-Heritage Property Investment Trust Inc., a locally based REIT that specializes in shopping centers, raises $450 million in an initial public offering on the New York Stock Exchange with the shares closing at $25.05. The company owns three shopping centers in the state.

NEW YORK CITY-Speculation and rumors that scandal-ridden Arthur Andersen would pull out of its 650,000-sf lease at Times Square Tower were proved true yesterday. The deal is officially history.

ORLANDO-The largest golf and tennis resort community in Lake County is asking tax collector Bob McKee for a 90-day extension to pay $236,379 in property taxes that were due April 1.

LONDON-The openings of some developments are attracting crowds prepared to wait for hours. Developers are treating buyers like customers at the summer sales