WASHINGTON, DC-The circa-1920s office building will be redeveloped, with completion slated for March 2004. Company officials say they're talking with law firms that may be interested in pre-leasing space in the 210,000-sf building.

WASHINGTON, DC-The Senate has passed a bill that would free landowners from having to clean up mildly contaminated sites that they did not pollute. The measure now goes to the House of Representatives.

VIENNA, VA-In an asset exchange, Prentiss Properties now owns six northern Virginia office buildings that had belonged to Brandywine Realty Trust. Brandywine took ownership of Prentiss' properties in Pennsylvania, New Jersey and Delaware.

ROCKVILLE, MD-Proceeds from the offering will be used to pay off debt incurred from the REIT's purchase of One Central Plaza for $43 million last week. The offering is priced at $22.15 per share.

WASHINGTON, DC-The company, which provides long-term financing to growing companies as well as investing in commercial mortgage-backed securities, also reported a first quarter increase in income of 33%.

COLUMBIA, MD-Beleaguered Humphrey Hospitality Trust has filed an SEC report announcing it has hired the international firm of KPMG LLP to serve as its new auditor.

BALTIMORE, MD-Following the merger of Municipal Mortgage & Equity and the Midland Cos., the firm will be known as MuniMae Midland with Michael Falcone as president and CEO.

ALEXANDRIA, VA-Total revenue increased by $20.67 million, or 15.3%. Rental revenue at AvalonBay's established communities jumped 11.8%, while operating expenses increased 6.4%.