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Shepherd Mountain Office Building Planned

AUSTIN-Lehtonen Investments says its taking advantage of low interest rates and construction costs to have an office building ready when economy turns. The building could draw smaller tenants, one of the partners says.

By Tim Green | Updated on December 10, 2001

AUSTIN-Dirt should move on Shepherd Mountain in January as Lehtonen Investments starts work on a 45,000-sf, class-A office building aimed at smaller tenants. The building should be ready eight or nine months after that.

Al Lehtonen, an attorney in College Station, TX, has owned the property for about 40 years. Why build now when occupancy rates are rising and rents are dropping?

Lehtonen’s son and partner, Al Lehtonen Jr. tells GlobeSt.com that while the Austin market looks scary now, several factors give construction a green light. He cites economists who say the economy will turn around next year; surveys that say Austin maintains a strong economy; low interest rates and construction costs; and the fact that other builders have put projects on hold.

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