Office

NEW YORK CITY-During an event held here late last week, three real estate appraisal experts explained the harsh realities facing valuations of Lower Manhattan real estate. Unfortunately, said the experts, a turnaround in property assessments is not in the foreseeable future.

HOLLYWOOD, CA-The Motion Picture Hall of Fame will lease 50,000 sf at the 6300 Hollywood Blvd. building, which occupies one of the film community's storied intersections. The building is owned by Meringoff Equities.

DALLAS-A well-heeled German family gets a 40,250-sf office building, a 12-year tenant and an option to buy more in a high-growth area. Centex, in turn, gets an immediate exit strategy for future product on its land mass along Texas 121.

WEST ORANGE, NJ-The telecom giant's directory services operation will occupy just over one-third of one of the four buildings making up the Reckson Executive Hill Office Park.

DENVER-The full-service general contractor, design-builder and construction manager will design the sandwich restaurant franchiser's new offices at 1475 Lawrence St., a building developed by Weitz Co. in 1981.

DALLAS-UT-Southwestern Medical School and the Certus Group cap a year of talking for wet lab space to launch its Cytogenetics research. UT signs a five-year lease for Research Row Biolabs. The lab rolls out in January 2003.

NORTHBOROUGH, MA-41 Lyman St. secures $3.3 million in financing. The single-tenant office building is leased by APX Central Inc., a subsidiary of Western Parcel Express Inc. It was the quality of the tenant that encouraged a local bank to go through with the deal.

PHOENIX-York International lines up 29,556 sf in the recently completed first phase at the junction of Interstate 17 and 7th Avenue. It moves in Dec. 1 from a Tempe location. Air Tiger, coming from central Phoenix, leases 6,371 sf.