WASHINGTON, DC-The National Association of Real Estate Investment Trusts elects new officers to head up the organization for 2004-2005. David E. Simon of Simon Property Group becomes chair of the organization, replacing Hamid Moghadam of San Francisco's AMB Property Corp.

COLUMBIA, MD-Having overcome a few hurdles--most significantly a major lawsuit--the Rouse Co. gets a new owner in a $7.2-billion deal. Chicago-headquartered General Growth Properties Inc. announced the purchase of the REIT during an online broadcast of its shareholders' meeting.

BETHESDA, MD-A new hotel makes its debut in the Washington, DC suburb of Bethesda. Developers Quadrangle Development Corp. and ING Partners Holdings LLC open the doors of the Bethesda North Marriott Hotel & Conference Center, a 225-room lodging property with 35,000 sf of meeting space.

SILVER SPRING, MD-Ground breaks on the 127,000-sf Central Shared Use Building, a facility of the US Department of Health and Human Services' Food and Drug Administration. The building will be one of 14 at the government organization's gargantuan $900 million in-progress facility at the former home of the Naval Surface Warfare Center.

DUMFRIES, VA-A new hotel and convention center property is in the works for Prince Willilam County, and it will be a first. KSI reveals plans to develop a 234-room hotel with 62,000 sf of meeting space, thereby allowing local officials and groups to conduct large events without having to leave county limits.

ROCKVILLE, MD-The 601-unit multifamily property known as Congressional Towers I & II gets refinanced to the tune of $25 million. The eight-story structures, located off Rockville Pike, were built in 1963 and are currently undergoing a $30 million renovation procedure.

ROCKVILLE, MD-Ownership of a 58,700-sf biopharmaceutical manufacturing facility in the Shady Grove Life Science Center changes hands in a recent deal valued at $8.5 million. The single-story structure at 9920 Medical Center Dr. is home to BioReliance Corp. under a long-term lease.

VIRGINIA BEACH, VA-Phase III of the Town Center of Virginia Beach, a massive 17-block mixed-use development endeavor, moves forward with the announcement of plans for a combination hotel and condominium building. The soaring tower could be as tall as 32 feet and will feature a 215-room Westin Hotel with 104 condominiums.