Shirron said the ATRS decided to finance the building in the waning hours of the General Assembly this year on the condition the state would agree to lease space in the building. In return, the ATRS board agreed to sell the Aegon Building to the state. Shirron says the ATRS will go through with the project, believing the building's design and location will make alternate renters easy to find. Shirron declined to reveal any potential tenants with whom he had held discussions. The announcement comes at a time when thousands of square feet of downtown office space are going unleased, but developer Kelley says the time to build is now.
Downtown is attractive again, and historically low interest rates don t hurt either.
ATRS membership is mandatory for all public school teachers in the state. Though it invests only about 2 percent of its funds in real estate, ATRS likes being a landlord, Shirron said. The building, according to architect Gene Levy, will be the first in Little Rock to span a street. From Victory, vehicles will be able to access a lower level parking area, cut into the slope, with 123 spaces. The parking deck is planned to hold 1,000 spaces.