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DALLAS-David Ellis, former managing director for Insignia/ESG in Dallas, says it's time for a coming out party as he announces the formation of a new real estate company. Meanwhile, five more professionals switch affiliations in the region.

PHOENIX-Pat Gehm, a 22-year veteran of commercial real estate, leaves Hines Interests after 15 years. He is now director of management services for metro Phoenix. It's part of an expansion play by Grubb & Ellis' Phoenix office.

HOUSTON-Crescent's Greenway Plaza snags another top honor for the wall. The 4.3-million sf, 10-building office complex is ranked in the Top 15 nationwide out of 100 entries for its interiorscape design.

ATLANTA-The Boca Raton, FL-based real estate investment firm paid Ravinia Three Associates LP $125 million cash or $155.09 per sf for the 10-year-old, 31-story, 805,972-sf trophy office building in Atlanta's central perimeter submarket. The going replacement cost in the local real estate market has been tagged at $200 per foot.

HOUSTON-Union Pacific Railroad gets a piece of Houston history, signing for 9,738 sf in the Esperson Buildings. Urban legend claims the ghost of Mellie Esperson still walks the halls of the historic "his and her" CBD buildings.

CORAL GABLES, FL-The Houston-based developer is completing demolition of two existing buildings and a parking garage where the 12-story, 250,000-sf 2525 Ponce de Leon building will be built in Coral Gables, FL, eight miles from Downtown Miami.

MILFORD, CT-Byram Healthcare has relocated its corporate headquarters from Greenwich to 440 Wheelers Farms Road here and has established a major call center in White Plains, NY.

MINNEAPOLIS-The latest lease, for 7,500 sf, bring occupancy of Hines' new 690,000-sf building to 80%. Nick & Tony's Italian Chophouse will occupy the building's ground floor.