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.
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