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SAN DIEGO-Keeton Construction Co. Inc. has begun construction of Emerald Lake Corporate Centre, an 84,446-sf office building located at the west entrance of the Carlsbad Research Center.

The $5.8 million project at 1525 Faraday Ave. is owned by Emerald Lake Corporate Centre, LLC, a venture of Newport National/Cornerstone, LLC and Buchanan Street Fund I. Newport National Corp. is the manager of Newport National/Cornerstone LLC, as well as the developer of the property.

Construction lending is being provided by California National Bank, with the assistance of Ron Del Toro.

Keeton Construction has been an active member of the project design team for Emerald Lake Corporate Centre from its inception, providing value engineering relative to the construction. Completion is slated for the third quarter of 2002.

Business Real Estate Brokerage Co. /NAI has been engaged as the leasing agent, with Norm Kerlin, Mark Avilla and Justin Halenza heading the marketing team.

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