Global Insurance Company Preleases Burbank Building for $50 Mil

LOS ANGELES-In a deal valued at more than $50 million dollars, the Burbank Empire Center has landed Allianz Insurance Co. for a 15-year, 97,000-sf lease. Allianz, which is part of the Germany-based insurance giant Allianz Group, is relocating its North American headquarters to the business center. According to the terms of the lease, the company will occupy a three-story, 97,000-sf building, which is being custom designed for Allianz. It will be located at the corner of Empire Avenue and Buena Vista Street and named the Allianz Building.

“The Allianz Insurance Co. lease is one of the largest transactions in the Tri-Cities market in the past few years, and the only one completed before the start of construction on the building,” says Paul Stockwell of Julien J. Studley Inc., one of the brokers who worked on the deal. Including the Allianz Building, the Burbank Empire Center will encompass a total of 390,000 sf. Completion of the four office buildings is scheduled for early 2002.