The real estate market provided some wide-open spaces last week, with credit tenant lease and pass-through certificate transactions dominating the landscape. However, structural holes and pricing issues - exacerbating the inherent complications of any real estate-related transaction - have some investors running for the hills.

Credit Lyonnais Securities is behind a $325 million pass-through trust for tenant JPMorgan Chase Hambrecht & Quist. The transaction involves a 31-story office tower in San Francisco's South-of-Market financial district. JPMorgan Chase Hambrecht & Quist will occupy the entire building with the exception of 5,000 square feet of ground-floor retail space.

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