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.
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