BOSTON-A local institute releases a study claiming that the market for meetings and conventions is not increasing as predicted in 1997, when the decision was made to develop the proposed convention center here in South Boston.

QUINCY, MA-The Grossman Companies purchases the Faxon Family Trust property here for $2.7 million and proposes developing a 111-unit luxury apartment building and renovating the existing building.

CAMBRIDGE, MA-Millennium Pharmaceuticals leases 400,000 sf here in University Park, reportedly the largest lease ever to be signed here. The biopharmaceutical company already leases 240,000 sf at the park.

BOSTON-The recent surge in sublease space here, due mainly to the declining fortunes of high-tech companies, has not made life much easier for tenants here. Local brokers say the market is still very strong.

BOSTON-Pessimists looking for validation need look no further than Idealab, an incubator for Internet start-ups, which is reportedly looking to sublet some of its office space here, about a year after signing the lease.

WATERTOWN, MA-Harvard University confirms that it is interested in acquiring the Arsenal on the Charles River here. Local officials are concerned that it could lose significant tax revenue if the university converts the 30-acre office complex into a campus.

WALTHAM, MA-StorageNetworks, the data storage company, moves its headquarters here to 225 Wyman St., a few miles away from its old location. The company needs space to accommodate its growth.

MARLBOROUGH, MA-Micro Component Technology closes down its factory here. The St. Paul, MN-based company wants to consolidate its manufacturing facilities.