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DAVENPORT, IOWA-The first new multi-tenant office building Downtown Davenport has seen in more than 20 years broke ground this month. Scheduled to open at West 2nd and Harrison streets in May 2004, the 90,000-sf Mississippi Plaza is about 70% pre-leased to two tenants.

The $14.3-million project is being developed by Ryan Companies, which is the primary investor in the LLC that will own the six-story building. Ryan Companies’ VP of Development Rick Collins tells GlobeSt.com a construction loan has not yet been obtained, adding it is “not usual for us to kick off development with our own resources when we are comfortable financing will be achieved.”

The two anchor tenants, relocating from existing buildings in Downtown Davenport, are Lee Enterprises and RSM McGladey. They will occupy a total of 62,000 sf in the building, representing a net expansion of 6,000 sf from their existing commitments, says Collins, who expects to land more pre-lease tenants before the building is completed. The pro forma for lease-up is 12 to 18-months from occupancy.

The going triple-net rental rate range for space in the building is $14.75- to $15.00 per sf per year, which translates to a full-service rate of between $19.75 and $20.50 per sf per year. The building has no parking of its own, but will take advantage of a new public parking structure that sits adjacent the development site.

The Downtown Davenport office market is currently about 20% vacant. Most of that vacant space is in class B and C buildings, which makes up the majority of the market. Collins says a second new office building will be developed adjacent Mississippi Plaza. Its size will be determined based on pre-leasing, but would be no larger than 90,000 sf, says Collins. The leasing agent for the property is Ruhl and Ruhl Commercial Co.

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