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Originally Posted by Makid
I do think that this reason is part of why HP pulled out of 111 as they don't have a large tenant yet. With CCR taking over 111, they have the resources to build the building and wait for tenants to appear.
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I would assume this isn't the case. HP most likely wasn't the only investor with $$ in the 111 tower project, they were most likely just the principal/development partner, and from what I recall CCR bought out HP's share of 111 and their rights as principal/development partner. So while CCR has deep pockets, I don't anticipate they will simply build 111 with hardly any pre-leasing, and thus no lender support, because the other investors don't have those deep pockets and would like to put there money to use someplace else if 111 isn't going to show them a return in the near future. So unless CCR decides to act as there own lender I doubt it will get built without pre-lease agreements.
As for Goldman, when I talked to a representative from Goldman about a month and a half ago, they told me that they hadn't decided what building they were going to expand into, and that 111 and 151 where both options. Notice I said expand into, not move to. When I talked with them they are planning on staying put in 222 and will be moving the remainder of their Wakara Way as well as their continued expansion, into one of those two buildings.
I do agree with those that said that they think both will be built. Demand is high in downtown right now and I would imagine that both CCR and Boyer already have several pre-lease agreements in place for 111 and 151. I can't imagine that either would be even this far along in the process if they didn't have at lease some pre-leasing in place. With the demand that downtown has, and the rate that 222 leased out as well as the remodeled Walker Center, and First Security building remodels to Class A, both will most likely be built close to on schedule.
As for the PAC relying on 111 being built that is not the case. The PAC has always planned to build whether or not 111 was ready to build or not. The plan has always been that that the work up, to ground level, for 111 would happen at the same time as PAC construction. This was discussed at every meeting I attended over the past three years. It was just in the last six or so months that it appeared that 111 was actually going to occur around the same time. So yes while it would look odd to have a vacant or stubby corner for the short term, if 111 were to be put on hold it won't affect the PAC in any way.
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It's all good.
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) there will be a need to look at building another large office building because other companies want to be close to the action. This in turn would/could create a building frenzy and relocation frenzy for companies that want to be close to the excitement. 
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