Upon completion, the 600,000-sf development will include 10 two- and three-story concrete tilt-up office buildings with circular glass lobbies at the corners. The first two buildings, completed in 2003 and 2005, are fully leased. The third and fourth buildings will be 32,650 sf and 50,070 sf; they will be complete in mid 2006. The current asking rate is $2.20 per sf per month on a full-service basis.

"We have two buildings under construction, so obviously we are optimistic about things," Shea Center Roseville development manager Jeff Melrose tells GlobeSt.com. "We have no concrete commitments yet, but it's been a lone bright spot in the office sector in most of greater Northern California area; vacancies have just crept up over 10% for the first time in the past three years."

Melrose says Old Republic Title leased the first building while it was under construction and exercised an option last year to acquire the building. The University of Phoenix leased the first floor of the second building while it was under construction and Shea Homes, a sister company to Shea Properties, leased the second floor as part of an expansion into the Sacramento market. UoP occupied its space last week and Shea will occupy the building in December. In addition, Shea sold a small chunk of land to Kaiser Permanente, which developed a 16,000-sf oncology center.