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REAL ESTATE INSIDER

Stadium Square lands ‘well-known financial services firm’

 

The developer of the Stadium Square project is set to announce a major tenant at 145 W. Ostend St., drawn in part by the property’s access to high-speed broadband service. (The Daily Record / Maximilian Franz)

The developer of the Stadium Square project is set to announce a major tenant at 145 W. Ostend St., drawn in part by the property’s access to high-speed broadband service. (The Daily Record / Maximilian Franz)

Caves Valley Partners are nearly ready to announce the first tenant at the office building at 145 W. Ostend St., part of the developer’s $250 million Stadium Square project.

Arsh Mirmiran, partner at Caves Valley Partners, said an announcement is expected in the next 48 hours and would only say the tenant is a “well-known financial services firm.” He also said the company is closing in on an agreement with another tenant to occupy the VacPac building at 150 W. Ostend St. as a built-to-suit project.

“I think part of (the interest in the office space) is the location and the walkability, and the highway and general transportation access. I think part of it is the high-speed broadband we were able to get completed,” Mirmiran said.

Caves Valley has a lease with the city for an existing conduit with dark fiber that connects the project to the TierPoint Data Center. That connection, Mirmiran said, provides the fastest and highest-capacity internet service in the city.

He said he hopes the building at 145 W. Ostend St. will be mostly leased by fall, and fully leased by the end of the year. Construction on the VacPac building, if the agreement with the potential tenant is signed, could start by this fall and delivered roughly a year later.

At the start of the year Mirmiran said there were three tenants eyeing space at the new 72,000-square-foot property at 150 W. Ostend St.

Plans for the overall development of the Stadium Square project in the city’s Sharp-Leadenhall neighborhood calls for 300,000 square feet of office space, 80,000 square feet of retail and 650 apartments.

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