So the University Square project in Princeton, with siteworkjust underway by Reckson Associates Realty, is more than a littleunusual for this market--it totals 316,000 sf, all on spec, and thebuilding will rise five stories. Smaller space users aren't beingtargeted: "It is designed for tenants who need large blocks ofspace but don't have many options," explains Jeff Schotz, SVP andmanaging director for Reckson's New Jersey operations, which arebased in Short Hills.

Because lenders are still leery about financing speculativeconstruction, Reckson is financing the $45 million UniversitySquare from internal sources.

University Square will have 60,000-sf floorplates and, accordingto Schotz, the target will be tenants who need at least half afloor. Rents will start at just under $33 per sf (the currentmarket average is about $29 per sf), and tenants will pay their ownelectricity. Completion is slated for a year from now.