SEATTLE-While the overall office vacancy rate is about 16% for the Puget Sound area, direct lab space vacancy is 2.82% and is still under 7% when sublease space is factored in, according to a new report on the life sciences market by Colliers International.

SAN FRANCISCO-The Seattle-based hotel company signs a long-term management agreement to operate the 565-room Holiday Inn Select Downtown Hotel & Spa, a 26-story Financial District property that will undergo a $15-million renovation beginning this fall that may lead to a re-flagging.

SEATTLE-The Metropolitan King County Council approves development of a new county-owned office building on the site of a county garage adjacent to the King County Courthouse.

LAS VEGAS-A subsidiary of the Mission Viejo, CA-based investment bank pays about $23.5 million for a seven-building, approximately 274,000-sf multi-tenant office and industrial park and then flips it to a tenant-in-common partnership for $28.2 million.

PALO ALTO, CA-AEW Capital Management of Boston sells its 80% stake in two California apartment projects to its locally based 20% partner Essex Property Trust for $74.6 million in debt and cash.

OREGON CITY, OR-The local community development director denies Wal-Mart's application for a 136,870-sf store here because it is nearly identical to another application the retailer filed within the last year. An appeal to the city commission is likely, as Wal-Mart has made all possible appeals with regard to two other projects in the region that have been denied.

MAUI-The Toronto-based hotel owner and operator agrees to sell the Fairmont Kea Lani Maui to Bethesda, MD-based Host Marriott Corp. for $789,000 per room. Fairmont retains a long-term management contract for the property.

SHANGHAI-The funds would be used in part to build new facilities at GM's local engineering and design center, expand capacity at existing manufacturing facilities and launch a new financing joint venture.