PORTLAND-City officials will announce today their effort to obtain a $6.1-million federal loan in support of Sage Hospitality's $100-million plan to buy and convert the upper 10 floors of the 16-story, 650,000-sf historic structure into a high-end hotel. The project already has been allocated $72.5 million in New Market Tax Credits.

CUPERTINO, CA-The locally headquartered REIT focused on flex-office space in the Silicon Valley inks a long-term lease renewal with Redmond, WA-based Microsoft Corp., the largest tenant in its portfolio.

SEATTLE-Locally based Swedish Medical Center sells 481,000-sf of mostly medical office and retail space in four buildings and a parking garage to publicly traded Health Care Property Investors of Long Beach, CA. Swedish retains the dirt under all five properties and the first right to repurchase the structures.

SAN JOSE, CA-RAE Systems Inc. of Sunnyvale pays CarrAmerica $5 million for the vacant 67,582-sf building here that will become its world headquarters early next year.

OLTEN, SWITZERLAND-Following up a deal earlier this month for 45% of the Zurich-based real estate owner, locally headquartered and publicly traded Swiss Prime Site reaches an agreement to buy another 20.3% of the company.

BELLEVUE, WA-John L. Scott Real Estate inks two branch office leases here totaling 29,280 sf and renews its 24,693-sf headquarters lease, according to Equity Office Properties Trust, the building owner in all three transactions.

HONG KONG-The government here has called off the $2.7B initial public offering for a new real estate investment trust scheduled for today, citing a public housing tenant's unresolved legal challenge to the offering.

RENTON, WA-The 334,000-sf, five-building complex owned by Lafayette, CA-based Bedford Property Investors was renovated after The Boeing Co. vacated the facility in February. The new leases fill about 6% of the complex.