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Recession Short Circuits Office Development

SAN DIEGO-A San Francisco-based developer planning two downtown office high-rises near the Santa Fe Depot has the project on hold until the economy picks up.

By Randyl J. Drummer | Updated on January 08, 2002

SAN DIEGO-A developer planning two downtown office high-rises near the Santa Fe Depot has stalled the project until the economy shows signs of improvement.

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.

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