Quote:
Originally Posted by SLC Projects
50% leased is great news, if true. What % do you guys think 111 must be to get Boyer Company moving forward with their 151 development? 60%?, 80%? Still over a year out before 111 opens, plenty of time for this tower to be fully or near leased out by then.
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Mostly, we don't need to worry about the lease % at 111 for 151 to begin. We just need 151 to get to the pre-leased threshold that is needed for the banks to loan Boyer the money for construction. This can be anywhere from 20% to 40% depending on the collateral and those that have signed a pre-lease agreement.
With 111 at 50% already and 222 nearing 80%, I don't think we will have a long wait for 151 to start construction.