Office

LITCHFIELD PARK, AZ-Seller Romar Investors gets the full asking price for a five-building, 23,691-sf development in a submarket that is running counter-cyclical to the rest of the metro. The fully leased buy comes with a lease rollover of two to five years.

PHILADELPHIA-In relinquishing his post as president of the locally based,

LONDON-Rotch Property Group, the finance-driven investment group owned by the Iranian brothers Robert and Vincent Tchenguiz, is to be split into three separate companies.

ORLANDO-The six-year-old development entity of The Norbert Corp. bought 3.25 acres for $410,500 at Orlando Central Park South where they expect to break ground in April on a $4 million, 50,000-sf office showroom/warehouse facility.

DENVER-Bankrupt Adelphia Communications, which wants to move its corporate headquarters to Denver from Coudersport, PA, is still searching for office space. A deal could eventually be made in the Denver Tech Center.

RESTON, VA-Sunset Corporate Plaza welcomes new tenant IBM as the computer company leases the entire 100,000-sf office building. IBM committed to occupying the space, which is located in the Dulles Corridor near the Dulles International Airport, for a 10-year period.

AUSTIN-The San Antonio-based bank takes 52,000 sf in the 33-story CBD high-rise to boost the pre-leased space to 46%. Frost Bank becomes the largest space taker of the five leases signed to date. The building opens in January 2004.

PORTLAND-The Portland Development Commission approved Wednesday a nearly three-fold increase in its lease commitment at Parkside Business Center, an office building located adjacent PDC's Downtown headquarters at the south end of Fourth Avenue.