LOS ANGELES-According to a recent report by NAI Capital Commercial, rents are climbing in the Los Angeles Basin's office sector, even as vacancy rates continue to rise. The average rental rate for class A space is currently $2.27 per sf compared to $2.16 at year-end 2000.

NEW YORK CITY-An Upper East Side pharmacy will make room for a chic women's clothing store. Searle's, with four locations in the same area, will open its fifth store at 74th and Third.

PORTLAND-The financing, through Archon Financial, pays off a $14 million Wells Fargo construction loan for the high end, 131-unit market rate apartment building in the condominium-filled Pearl District. The building sold out within six months of the first move in last September.