The list goes on. Take SL Green's $480-million buy of 750 Third Ave. and 485 Lexington Ave. in Manhattan from TIAA-CREF. And, of course, MetLife turned its $9-million second-mortgage purchase at Chicago's Sears Tower into a $900-million flip (it already held the $766-million first mortgage).

Portfolio sales also made news in '04, such as when Great Lakes REIT shed some $350 million in assets. American Financial Realty Trust kept up its bank-play strategy, most noticeably taking over Wachovia assets in a $512-million sale/leaseback.

But inflated asking prices and the feeding frenzy for assets driven by the flood of capital turned many investors away in 2004. Early on in the year, GlobeSt.com reported that opportunistic players were seeking satisfaction elsewhere around the world.

The global landscape was active in 2004, even when one doesn't include US investors looking for alternative plays. UK-based Hammerson invested some $2 billion in a French REIT, a move, GlobeSt.com reported, that would put serious pressure on the UK government to establish a British form of trusts.

Alternative forms of investment were also on the rise in the states as the industry got comfortable with TIC plays. As we reported in March, the growth of the sector was a double-edged sword. While TICs were expected to continue their phenomenal 2003 growth rate, the industry was calling for more standards and controls to minimize abuses.

Major developments specifically designed to change the landscape of a city also took center stage last year, specifically in London and New York City. And both cities had in mind ulterior motives, namely, the 2012 Olympics. As Manhattan officials tried to wrangle the Jets into the ill-fated West Side sports complex, London launched its $2-billion Wembley Stadium rehabilitation. And we all know how that turned out.

Things were no easier in Lower Manhattan. The World Trade Center retained its status as political football and building-standards nightmare as results of a study by the National Commission on Terrorist Attacks that reviewed the emergency procedures in place (and not in place) at the Twin Towers on Sept. 11.

Elsewhere in town, the news was better, and more measurable progress was plain to see. Time Warner Center opened after numerous construction setbacks. The most severe loss--from a business perspective, at least--was the deletion of AOL from the tower's name. To keep the Manhattan momentum going, President George W. Bush extended the $8-billion Liberty Bond program for another five years.

Of course, as always, commercial real estate was more than just deals. As early as May, industry leaders were thinking ahead to TRIA's expiration and urging Congress to act.

Jones Lang LaSalle appointed Colin Dyer, an industry outsider, as CEO. Coincidentally, it would be the first of a string of upper-echelon changes within virtually all of the majors that would occur in coming months. Next up would be Steven Heyer, replacing Barry Sternlicht at Starwood Hotels.

In the world of M&As, General Growth cobbled together nearly $10 billion in debt to build its war chest in preparation for its Rouse merger.