Globest Sectors

SAN FRANCISCO-The vacancy rate of small spaces in San Francisco has dropped 1.5% since February. Real estate expert Hans Hansson sees this as a potential window of opportunity for landlords to divide larger spaces in the future.

NEW YORK CITY-Newly formed Normandy Real Estate Partners snags its first Manhattan office asset in the low to mid-$400s per sf. The buyer says 1370 was being pursued by those squeezed out of the 450 Park Ave. buy. Normandy bought the asset in partnership with Scott Landis.

SHOREVIEW, MN-Shoreview Village Mall's owner hires Minneapolis artist Aldo Moroni to paint murals at the 20-year-old retail center and anchors it with a health food store, gift shop and pharmacy.

ORLANDO-The 400 members of Teamsters Local 385 are pinning their hopes on a federal mediator to determine if a new three-year contract that doesn't guarantee a 40-hour work week is legal. The workers say they will strike without a contract.

MESA, AZ-Officials are getting ready to unveil the newest changes to the 30,000-sf Desert Vista Medical Center. Crews have been working under a 180-day fast-track schedule. All is on target for the mid-April delivery.

LOS ANGELES-The local office of Interior Architects, one of the largest interior design firms in the world, signs a 10-year lease at the same site but on a different floor. The transaction is valued in excess of $3 million.

LOS ANGELES-Qantas Airways, the airline company servicing the South Pacific, relocates its headquarters for the Americas/Pacific region. The company signs a seven-year lease deal in Howard Hughes Center

NEW YORK CITY-Bear Stearns chairman Jimmy Cayne was joined by Governor George Pataki, US Senator Charles Schumer and 800 employees last night to light the crown atop the financial services firm's new Madison Avenue headquarters.