Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Ki Kim - Macquarie.
Ki Kim – Macquarie
Could you talk about, you guys take some severance on 100 million plus on development properties. What is the current leasing rate and what are you projecting within your guidance?
Johannson L. Yap
The question again is what?
Ki Kim – Macquarie
In your development portfolio you guys placed in some about 100 million plus on properties this quarter. What was the leasing on that, and what is the leasing that you're putting in your guidance related to your development property?
Johannson L. Yap
Currently the development for the service in our balance is 55% leased. And we factored that, and that's only one component as our overall portfolio to come up with our guidance that Scott already mentioned.
Scott A. Musil
Yes, if you look at the largest development in process at March 31, 2009 it's the building at 600 First Avenue. That was the Circuit City Building property that the tenant filed bankruptcy last year. That represents about 66 million of our 83 estimated investment of developments in process. That one particular development, which is the lion's share, we are expecting not to release in 2009 so there's zero NOI in our forecast for that one large development.
Operator
Your next question comes from David Rodgers – RBC Capital Markets.
David Rodgers – RBC Capital Markets
Bruce, can you give us a little bit of sense for where the asset sale environment is today. I mean, I'm assuming that the asset sale environment is favoring cash flow assets versus the lower cash flow assets or more vacant assets. So I guess, one, can you give us your update on what you might be marketing and how that impacts your portfolio, and then two, if in fact you're selling cash flow assets or you plan to how does that impact your covenants for this year if that's not embedded in your guidance, as Scott has just said.
Bruce W. Duncan
Let me take a crack at that. If you look at what we're selling right now, if you take the first quarter of those sales that $20 million, we sold an asset in Indianapolis, we sold an asset in New Jersey, Baltimore, and those were all income-producing assets. The buyers of those, though, were typically, in two cases, were user. So the user ended up being the buyer there and we thought we were getting a decent cap rate if you look at that 8.8%.
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