Maguire recently began construction of the five-story office development, which is named for Western Asset Management Co., a subsidiary of Baltimore-based Legg Mason financial services company. Western has signed a lease to occupy about 60% of the office project, which is the second phase of Maguire's Plaza Las Fuentes development and will include a 772-space, 3-story parking garage. Construction is slated to be finished in 2004.
James Dow, a vice president at Corus, says the bank was willing to provide financing for an office building in today's real estate environment because it felt that Maguire's experience in the California office market "mitigated potential risks."
Corus provides commercial real estate loans of up to $65 million for its own account and also syndicates larger transactions. Its outstanding commercial real estate loans and construction commitments total approximately $2 billion.
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