"Last year was so hot, you wondered whether we might havereached the peak," says Trammell Crow principal Edward C. Maher Jr."But it hasn't slowed at all … The pipeline just always seemsfull."

The average sales price of the top 15 transactions was $115million, with a $70 million median figure. Leading the way wasDeutsche Bank's 49% purchase of both 53 and 75 State St., a $685million-bite to buy into those prime Financial District officetowers. In second place was Boston Capital's $168.5-millionacquisition of 99 High St., a deal considered by many to have solidlong-term upside. Next in line was a retail portfolio, withNorthstar Properties acquiring 19 shopping centers in five NewEngland states from Shaw's Supermarkets. The portfolio included 1.4million sf of space.

The Cambridge market has plenty of activity thus far in 2000,fueled largely by a space crunch that is sending office rents intothe stratosphere. With stories of $80 per sf rents in the offing,investors are wasting little time haggling over sales prices. Thatwas affirmed earlier this summer when Capital Properties scooped up215 First St. for $68 million, buying the property barely a weekafter it hit the street. Paradigm Properties and Westbrook Partnersmade their foray into Cambridge with the $49.9-million purchase ofthe Davenport Building, while properties now on the market includeRiverfront Office Park and 1030 Massachusetts Ave.