Regency 450 to be greener; Lund to seek tenants for building
http://omaha.com/index.php?u_page=1208&u_sid=10490568
CHRISTINE LAUE WORLD-HERALD STAFF WRITER wrote:The Lund Co. and Jasper Stone Partners have bought a Regency building that once was the Omaha headquarters of IBM and most recently housed Bank of the West. The new owners plan to remodel it into a modern, environmentally friendly multiple-tenant office building.
Lund Co., an Omaha commercial real estate firm, and Jasper Stone Partners, a real estate development and investment company, are investing $15 million in the project, which it will call 450 Regency, said John Lund, chief executive. It sits at the northwest corner of Regency and Harney Parkways.
Lund said his company, now based at the Regency Court shopping center, might move into part of the four-story, 100,000-square-foot structure, but no other tenants have been lined up.
Although speculative building has slowed in recent months, Lund said, his company decided to take the risk. Occupancy rates in the Regency area are high, proving strong demand, and the local economy and his company remain strong, Lund said.
CHRISTINE LAUE WORLD-HERALD STAFF WRITER wrote:"The Regency office corridor has sustained an occupancy rate of over 90 percent for over 10 years," Lund said. "There haven't been any significant vacancies in this corridor because people want to be here."
