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SAN MATEO, CA-Glenborough Realty Trust Inc. increased its bank line of credit to $180 million with an eye to gaining more flexibility in managing debt. Glenborough upped its bank line of credit from $142 million and extended the maturity date of the line to June 2003 from June 2002. The bank group includes Wells Fargo Bank as agent along with Fleet National Bank, Keybank and Bank One.

The REIT will continue to recycle capital with property purchases and sales and stock repurchases, according to the chief operating officer. The firm has a portfolio of 88 office and industrial properties that encompasses about 14 million sf in 19 metro areas.

Among those portfolio properties is the six-story, 85,000 sf building under construction downtown which Glenborough recently leased a portion of to Merrill Lynch. The company leased the entire fourth floor or about 20,000 sf at 101 Ellsworth. The building should be completed later this year.

The building is a joint venture between the National Electrical Benefit Fund and Glenborough. The class A facility is 46 percent pre-leased, according to BT Commercial marketing team members.

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