Phoenix

Xenia also reported on Wednesday it had purchased The Ritz-Carlton Pentagon City, a 365-room luxury hotel in Arlington, VA for $105 million, or approximately $287,670 per key.

PHOENIX-The buyer gets the vacant 78,000-sf Luhrs Building and 95%-leased, 163,000-sf Luhrs Tower. Up to $6 million will be spent to upgrade the 1920s-era historic assets.

SCOTTSDALE, AZ-Site work has begun on Terra Verde, an office trio surrounded on three sides by the TPC Desert Golf Course. The first space delivers in summer 2009.

GLENDALE, AZ-Hammons opens to a full house at the $80-million-plus, 320-key Marriott Renaissance. He's working a $750-million push in the West and planning to add more.

PHOENIX-Researchers say 3.2 million sf to 3.5 million sf of office space will deliver within six months. There is concern since Q3 reports put the highest absorption at 555,719 sf.

PHOENIX-The upcoming availability of 100,000 sf of office space in the CBD's 2800 Tower prompts Gaedeke Group LLC to reassign the leasing contract.

PHOENIX-A merger between Integra Telecom Inc. and Eschelon Telecom Inc. leads to a relocation and expansion lease at the 86,835-sf South Mountain Center.

CASA GRANDE, AZ-The PepsiCo affiliate will keep 10 acres for a distribution center and Arizona Land Group gets the rest of the $5.3-million buy for development sites.