The firm had an interest in developing speculative projects that conventional banks would not touch.

One is a three-building, 1.3 million speculative project consisting of office, warehouse and distribution space.

Although Witten has graduate students, he is reluctant to involve them in his more speculative projects.

They produced a series of speculative projects that remain unbuilt.

With speculative projects there is the added risk that when completed the building will not lease, draining profits even further.

Other major speculative projects are in the works as well.

The company says this would be the first speculative project for the Exit 7A area.

Originally planned as a speculative project, the building is completely leased to two tenants, although they will not be able to move in until 2002.

Less than half the space in the speculative projects was leased up by year-end.

But the focus of the new construction, they added, has increasingly been on speculative projects.