The Globe and Mail reports in its Wednesday edition that Allied Properties REIT is buying out its partner, Westbank Corp., on two office skyscrapers as the Vancouver-based real estate developer faces rising costs and legal claims at projects in Toronto and Seattle. The Globe's Rachelle Younglai and Shane Dingman write that over the past decade, the two real estate developers built the two office properties in Toronto and Vancouver with Allied providing Westbank with loans. The debt had been extended over the past few years with the interest rates increasing. At the same time, Westbank, Allied and the rest of the commercial real estate industry have had to deal with sharply higher construction and borrowing costs, as well as labour shortages. Westbank has faced delays in finishing projects in Vancouver, Seattle and Toronto. Allied will convert a $130.5-million Westbank loan on the Vancouver office building in exchange for a 90-per-cent ownership stake in the property at 400 West Georgia St. Allied will also convert a $67.5-million Westbank loan on a Toronto office building and is making a $36.3-million cash payment to the developer in exchange for a 95-per-cent share of the office tower on Duncan Street.