BURBANK, CA-Investment banker L.J. Melody says it has arranged a loan to help finance Burbank Empire Center, the big office complex that is set to open here next spring.

The financing package is worth $32 million. Principal Capital provided the financing on behalf of developer Menlo Equities, says Mike Melody, the L.J. Melody executive in Houston who arranged the funding. Melody is a unit of LA-based CB Richard Ellis.

Burbank Empire Center is rising on Empire Avenue, not far from the Golden State (5) Freeway. It will include more than 228,00 sf of class A space when it opens in the second quarter of 2002.

Earlier this year, Allianz Insurance Co. agreed to a 15-year lease for 97,000 sf of office space at the development in a deal valued at about $50 million. It remains one of the largest leases to be signed in the Tri-Cities area in the past few years.

Brokers say leasing activity also has been brisk at the adjacent Burbank Empire Shopping Center, which is being built by privately held Zelman Development Co.

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?



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 © 2022 ALM Global, LLC. All Rights Reserved.