NEW YORK CITY—“Distressed legacy loans continue to get flushed through the system, and every month we seem to see more trophy properties sell at record-level valuations,” says Manus Clancy at Trepp.

PARSIPPANY, NJ–Norwalk, CT-based Marcus Partners has acquired and will renovate Waterview Plaza, a 130,000-square-foot class A office building at 2001 Route 46 East in Parsippany in a sale arranged by Cushman & Wakefield for owner Waterview Plaza Associates LLC, which developed the property in 1981.

WASHINGTON, DC—Boston, New York, San Francisco and Los Angeles are considered very high cost areas, among other new provisions.

AUSTIN—Northwest Austin has landed another hotel. Hilton Worldwide and DoubleTree by Hilton have opened the DoubleTree by Hilton Austin Northwest-Arboretum.