It is an object lesson that the one tower going up downtown is the one being built by local developers, on their own dime.
Bob Shallit: Planned office tower may land a big tenant
By Bob Shallit - Bee Columnist
Published 12:00 am PDT Saturday, September 1, 2007
Developers of a planned office tower at 500 Capitol Mall could soon be inking a deal with their anchor tenant.
The developers -- George Tsakopoulos and his son, Angelo G. -- are in negotiations with Sacramento law firm McDonough Holland & Allen to secure between 65,000 and 80,000 square feet in the 25-story building.
Gerald Holt, McDonough's executive director, says the 175-employee firm is looking at two options: staying at its current digs at 555 Capitol Mall or moving across the street to the Tsakopoulos building, where foundation work is now under way.
"We should have a decision in the next two or three weeks," Holt says.
Structural steel should start going up soon on the building, which was once designed with a Parthenon-style top but now has a more conventional look. Will the job be completed by the time McDonough's current lease comes up in May 2009 ?
"George (Tsakopoulos) has told us it will be done," Holt says.
Both developers were unavailable for comment.
Most office towers don't get built until lenders are assured an adequate number of tenants have signed lease agreements.
That's not the case with this project.
There are no lenders. The developers are self-financing the entire job.
