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NEW YORK CITY-"No matter what the national economy is doing today, the New York real estate market is in a state of divine equilibrium," Insignia/ESG chairman and CEO Stephen Siegel told the audience at yesterday's RELA breakfast.

AUSTIN-Ryland Homes has taken up residence in 20,493 sf of the 275,000 sf of sublease space held by Janus Capital Corp. at Riata Corporate Park. Janus has cut the rate and tossed in the furniture as a signing plus.

HOUSTON-Houston Port Authority has signed off on a plan to merge its operation with Galveston's port. Now, Galveston must decide. Houston would get developable land in the deal and Galveston, needed capital. The deal would make it the premier Gulf port.

NEWARK, NJ-Prudential Mortgage Capital Co. has completed a CMBS securitization of 119 fixed-rate mortgage loans secured by commercial and multifamily properties. The conduit deal was named ROCK 2001-C1 and was sold through Merrill Lynch and Salomon Smith Barney.

SEATTLE, WA-After 30 years of talk, changes are finally afoot in 160-acre lakefront neighborhood just north of Downtown Seattle thanks to a new agreement between the city and a subsidiary of billionaire Paul Allen, who has amassed better than 25% of the area.

CHICAGO-A housing trust fund, below-market mortgage money to developers of affordable housing and tax relief on the sale of multifamily buildings are among ideas floated at the National Housing Conference's symposium.

ATLANTA-The global pension fund is expected to pick a broker by June 1 to sell its 50% interest in the trophy Three Ravinia Drive building and office properties in Washington, D.C., Cincinnati and other markets. The local office of New York-based Eastdil Realty is on the short list of final candidates.

WESTMINSTER, CA-The success in finding tenants for the three-building Westminster Business Center despite the current state of the economy is the latest sign of the county's soaring demand for industrial space.