Lockheed Picks Developer for Burbank Site
Lockheed Martin has selected Los Angeles-based developer Zelman Cos. to create a retail-office complex on a 103-acre Burbank site next to the Golden State Freeway, company officials said. Zelman won out over at least two rival developers, including Phoenix-based Vestar Development Co., which announced plans to develop the site more than two years ago but allowed a December deadline for completing escrow to pass without finishing the deal. At that time, Bethesda, Md.-based Lockheed threw open the doors to new competitors, then settled on Zelman. “They came in with the better price,” Lockheed spokeswoman Gail Rymer said, though she declined to be specific.
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