PHILADELPHIA-New York-based W. P. Carey & Co. provides Allentown Business School with $18.5 million for a new facility in Center Valley, PA, under a sale-leaseback arrangement. Minneapolis-based Mortenson Development will build the 95,000-sf building, set for completion in June 2003.

PHILADELPHIA-Cleveland, OH-based Developers Diversified Realty pays $11.5 million for The State Teachers Retirement System of Ohio's 50%-interest in the 230,000-sf Phase I of Belden Park Crossings shopping center in Canton, OH. DDR now owns both phases, totaling 461,000 sf.

PHILADELPHIA-Two Delaware Country, PA projects receive $2.5 million in federal funds for their participation in East Coast Greenway, a 2,600-mile path linking cities from Maine to Florida. The projects are the Wharf at Rivertown and a streetscape in Marcus Hook.

ATLANTA-Despite a depressed office market, the Washington, DC-based owner has brought its Atlanta area assets to the 90%-leased level by finding tenants for five-year to 10-year terms at average quoted rents of $20 per sf.

ATLANTA-The state-funded Advanced Technology Development Center will anchor the Downtown project with 125,000 sf of office space. The first 200,000-sf Yamacraw Design Center building is set to open in December.

ATLANTA-The 50,000-sf central cooling plant and two-mile network of piping will maintain temperature-control at buildings in the 140-acre, downtown redevelopment complex.

PHILADELPHIA-Locally based-Kent & McBride PC, a center city law firm, leases 12,658 sf at One Penn Center @ Suburban Station, a 1929 landmark Art Deco property at 1617 JFK Blvd. Asking rate in the area is about $26 per sf.

PHILADELPHIA-Asking rental rates in class-A office space in Center City dropped $0.41 per sf in the opening months of this year, taking them below $22 per sf, according to first-quarter data from Studley. Tenant improvement dollars proliferate.