Catellus Urban Development hopes to build at least one 450,000 sf high-rise -- but not until tenant interest in the project picks up, according to officials for the San Francisco-based company. They say prelease commitments should be 50% before ground is broken.
Another developer, Lankford & Associates, is also holding back in hopes of having a solid tenant base. But it has an anchor tenant: Milberg Weiss Bershad Hynes & Lerach LLP has entered into an agreement to occupy the top six floors by 2004.
The soft economy has convinced many tenants to halt or cancel their expansion plans. Many are already forced to sublease space to cover the lease.
The 26-story Broadway 655 mixed-use project would total about 475,000 sf, including 13,000 square feet of ground floor retail subterranean parking for 750 cars, and a four-story residential portion. The project is slated for a 75,000-sf parcel at the southeast quadrant of the intersection of West Broadway and Kettner Boulevard, near the Santa Fe Depot.
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