BOSTON-Locally-based Willowbend Development Corp. will manage Fairmont Hotels & Resort's newest resort in Puerto Rico. The $140 million project, which should be completed by fall of 2003, is Fairmont's third property in the Caribbean.

BOSTON-A recent survey indicates that the top real estate markets in the US are not affected by the recent slowdown in the economy. This area, with some of the lowest vacancy rates and highest average rents in the country, is well positioned to withstand any economic downturn.

BOSTON-Office tower rents here increased more quickly than in any other major city worldwide, according to a recent survey. Boston is now the fifth most expensive city, in terms of best office space, in the world.

BRAINTREE, MA-Peabody Construction begins construction on The Peabody Building here, a three-story Class A office building. The construction company plans to occupy half the building and lease the rest.

BOSTON-Boston comes in third in the Association for Foreign Investors in Real Estate's annual survey of best US cities for their investment dollars. Investors like the city's controlled growth and financial base.

QUINCY, MA-State Street Corp. expands its eight-building campus here by leasing an additional 235,000 sf of space. The company also plans to lease space in the skyscraper being built near south Station in Boston.

LYNN, MA-Two major fiber-optic cables are being centered here, revitalizing the high-tech center and raising the value of the local commercial real estate. One of the cables will be transatlantic and the other will run along the East Coast.

WALTHAM, MA-Lend Lease Real Estate Investments Inc. has pulled its six-story office building off the market after three months. The company reportedly did not get the offers it wanted.