The first building was fully leased to Old Republic Title in December, more than three months prior to its completion. Old Republic inked a 10-year lease for the two-story 55,250-sf building. Shea's Northern California GM Bob Burke tells GlobeSt.com the building will be shell complete in March, when tenant improvements will begin. Old Republic is expected to take occupancy in June.
The second building to be developed will be of similar size and design, says Burke, and just like the first will be built on a speculative basis. Shea Properties' brokers for the development are Kevin Sheehan and Bill Swettenham with CB Richard Ellis.
Burke says demand, lack of available office space and an increasingly tightening land supply is what drove Shea to move forward with its first commercial office project in the Sacramento area. As well, Burke says Shea Center Roseville is the only office project in the area's current development pipeline that is capable of accommodating a large corporate space user requiring more than 100,000 sf, and one of the few that can boast an amenity such as the Galleria, which provides tenants a multitude of eating and shopping options.
The two- and three-story office buildings will be clustered in a campus-style work environment. The buildings will range up to 90,000 sf and feature design details such as corner glass, articulated elevations, outdoor plazas, and high quality lobby finishes. When the entire project is complete, onsite amenities available to all tenants will include a conference facility, an exercise room with showers, outside perimeter walking paths and outdoor gathering areas for dining or small meetings.
Burke admits it will be hard for the brokers to duplicate their first round effort -- finding one credit tenant to take the entire building -- but remains confident the project will continue draw tenants. In addition to the Old Republic lease, Burke says a two-acre land parcel is in escrow, with the sale expected to close this spring.
The Sacramento office of RMW Architecture is the architect for Shea Center Roseville. L.E. Wentz Co. is the general contractor.
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