LOS ANGELES-Local developer M. David Paul has received a $64.3-million construction loan to expand the company’s fast-leasing Media Studios North project in Burbank.

A spokesperson for the development firm says no construction date for the next phase has been set. The loan was provided by Washington-based Union Labor Life Insurance Co., which provided the money to build the previous phases.

The project stands near the Burbank-Glendale-Pasadena Airport. It includes a three-story, 95,000-sf office building and a four-story, 190,000-sf office complex.

Leasing at the development has been strong, mirroring the tight market for space in Burbank. The submarket’s vacancy factor is a scant 2.3%, according to the local office of CB Richard Ellis, compared to a 12.8% vacancy factor for the San Fernando Valley overall.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.