"We really like the timing for when this is going to bedelivered," says Neelon Properties principal Christopher Neelon,whose family owned firm anticipates the six-story building willopen next fall on a site it has controlled for a half-century.Having weathered another Massachusetts meltdown earlier this decadethat put even Waltham in dire straits, Neelon and co-developerNormandy Real Estate Partners were spurred to move forward by thecity's impressive rebound that has rents above $40 per sf and aslate of competitors looming on the horizon. In acknowledging thebrisk activity surrounding Tuesday's groundbreaking of the$38-million building, Normandy principal Raymond Trevisan tellsGlobeSt.com that the undertaking makes sense despite the lack of asigned tenant or any immediate prospects.

"You hate to be the last one out of the ground," he says, andcompetitors such as Boston Properties, Davis Marcus Partners andHobbs Brook Management are already forging ahead or about to beginnew office construction. By one estimate, more than three millionsf of new office space is in the pipeline for the central Route 128belt anchored by Waltham. Others are racing to secure existingproduct with an eye towards quick redevelopment, as in the case ofthe building being overhauled next door to the Overlook Centergroundbreaking. A large banner advertising available space drapedone side of that property, the Bear Hill Business Center.

Alternatives aside, attendees at the Overlook Center fetepredict good times ahead for the project, including Jones LangLaSalle broker Alex Dauria, who is orchestrating the leasingprogram. "This is going to add to the new landscape of Waltham,"says Dauria, praising architects Perkins+Will for a sleek designthat incorporates glass curtain wall and an illuminated mast thatwill be seen north and south along Route 128.