INCHEON, SOUTH KOREA-Taubman Centers of Bloomfield Hills, MI signs a letter of intent and enters discussions with Morgan Stanley Real Estate Funds and Gale International to exclusively develop the 10-million-sf retail component of New Songdo City, a planned 95-million-sf development here to be built out over the next 15 to 20 years.

SEATTLE-Jim Rock, previously the director of leasing for the Downtown Metropolitan Tract, is now general manager of the tract, replacing John Miller, who left to be senior managing director and branch manager of Cushman & Wakefield's local office.

PLEASANTON, CA-Wholesale American Mortgage leases about 23,000 sf of office space here for 60 months. The average lease rate over the life of the lease is believed to be in the low- to mid-$20s per sf per year.

SAN FRANCISCO-Daniel MacDonnell, most recently a managing director at Triton Pacific Capital, now will focus on expanding Sonnenblick-Goldman's West Coast business, which includes arranging project equity for all types of real estate assets and equity capital for small- and medium-sized investment funds.

SYDNEY-The Woolloomooloo Bay Hotel here fetches approximately AU$17 million (US$13 million) in a public auction. The property includes lease income from a popular local steakhouse that occupies the building's second floor.

SAN FRANCISCO, CA-The duo was selected by the Teachers Insurance and Annuity Association to assume leasing and management responsibility for five projects in Hayward and Union City that have a combined vacancy of about 6%.

SEATTLE-Best and final offers were due recently for the 79,000-sf Downtown retail building filled with Old Navy, Gene Juarez and Fox Sports Grill, and a company source says negotiations are under way with a single buyer.

PORTLAND-With interest already strong in the first condominium project, an interpretive center and sales office opens for the $1.9-billion, 130-acre redevelopment of heretofore industrial Willamette riverfront south of the Ross Island Bridge.