BURBANK, CA-The owners of the 351,000-square-foot Empire Center office building have secured a short-term floating-rate loan for the new property, a newly built class A structure at 2300 Empire Center. The loan was arranged by the CBRE Capital Markets Debt & Equity Finance group on behalf of the borrower, an affiliate of Walton Street Capital LLC.
The 2300 Empire project is a LEED Gold certified building with a five-story parking structure that was completed in 2009. Located just south of Burbank’s Bob Hope Airport and just east of Interstate 5, the site is part of a 105-acre master-planned retail, hotel and office project known as Empire Center.
The site is near both media-related tenants and conventional office tenants, according to an announcement regarding the financing. The building features floor plates of 50,000 square feet configured with two wings of 25,000 square feet on each floor.
CBRE’s Capital Markets Debt & Equity Finance Chicago office led by vice chairman John Clifford and associate Molly Green along with CBRE’s Los Angeles office including senior vice president Brian Halpern and vice president Ben Wagner arranged the financing.
Clifford said that the financing "is a positive sign of Burbanks’s overall health, a shift towards recovery in the real estate capital markets and the strength of the property.”
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