by Calculated Risk on 11/14/2008 06:31:00 PM

From the Silicon Valley / San Jose Business Journal: Sobrato Development puts Santa Clara office project on hold (hat tip ShortCourage)

... For the first time in its almost 30-year history, the valley’s largest property owner decided not to finish a building under construction until the market turns around.
...
“The steel seemed like a logical stopping place,” [John Michael Sobrato, chief executive officer] said at a luncheon meeting of the National Association of Industrial and Office Properties.
...
Had it been completed, the complex would have joined a growing list of new developments available and empty in the valley. Almost 32 million square feet of speculative construction from Menlo Park to Morgan Hill are in the pipeline.

“We have enough product to satisfy demand for 2009 and 2010,” [Phil Mahoney, principal and executive vice president of with Cornish & Carey Commercial/ONCOR International] said.

Talk about an eyesore ...