Originally Posted by PITairport
Some more info about the new Oxford development:
"While few details were available Monday, Oxford, according to sources, intends to market the site for a new office tower totaling as much as 30 stories tall and some 600,000 square feet.
Plan B seems to be to refurbish the existing building.
Sounds like Oxford may be sending out a trial balloon to see if they can attract any major, large-scale tenant interest with a splashy announcement this week.
The fact that downtown class A space is down to an almost unprecedented (in recent years) 6.9% vacancy rate in a recovering economy in a city with a surging meds-eds & energy sector would lead one to believe that this project could actually happen and that more developers are looking at similar ventures. Not to mention that the avg lease rate has been steadily creeping up making a project of this sort more viable.
Oxford has been poking around for a bit looking at different projects and they clearly have a long track record. We'll have to wait until Thursday to see what they have in mind.