DALLAS-Direct Development's partners, who've spent three years building the portfolio, decide to sell a 480,583-sf power block, including their one-year-old crown jewel, the Highlands of Flower Mound. It's a tough call, but the time has come, says their broker.

CHICAGO-In explaining in detail why his offices values Sears Tower at $530 million rather than its recent $840-million sales price, Cook County assessor Jim Houlihan reveals the role market dynamics play in the process.

NEW YORK CITY-MSD Capital, a fund dealing solely with the capital of computer tycoon Michael Dell and family, launches a real-estate investment arm and is dedicating $1 billion toward that aim. The fund made its first purchase--the 377-room Four Seasons Maui at Wailea.

PRINCE GEORGE'S COUNTY, MD-A seven-million-sf hotel, convention center and retail development to be known as National Harbor gets a big push forward with the Prince George's County Council's approval for the sale of $160 million in bonds to help fund the $1-billion project.

NEW YORK CITY-The cornerstone for the Freedom Tower--the 1,776 foot-tall office that will be the world's tallest building--was unveiled marking the official beginning of the World Trade Center redevelopment process.