HOUSTON-The owner of the 75-story, 1.7-million sf Chase Tower has secured a $125- million debt refinancing. It's just another Tom Melody of LJ Melody & Co. deal. In the past five years, he has completed $800 million in deals for CBD building owners.

CHICAGO-Julien J. Studley, Inc. predicts office rental rates could drop from 10% to 15% by late 2002 thanks to new developments coming on line. But one of those developers is generally optimistic considering the circumstances.

LOS ANGELES-A two-story, 50,000-sf office building in Carson changed hands recently for $3.4 million. The buyer, a manufacturer of computer scanners, plans to relocate its headquarters there.

SACRAMENTO-If approved by a federal court judge, a compromise between the Sacramento City Council, environmentalists and developers could reopen the Natomas basin to development this year.