Insurance executive Hank Escalante has taken the idea of limited partnerships, given it a new twist and is giving his employees the chance to invest some of their money in the $1.5-million, 20,000-square-foot headquarters building he's constructing in Cerritos.
All 100 shares, at $3,600 each, were subscribed in New Horizon Properties, a limited partnership with Escalante the general partner. His firm will occupy the first floor of the building under construction at 12641 166th St. and Escalante will rent out the second floor to other firms. The leasing agent is Grubb & Ellis Co.
In the strictly voluntary arrangement, employees were given the option of paying half down and financing the other $1,800 with payroll deductions over a three-year period, Escalante said.
The building, scheduled for an Oct. 1 completion, will have an exercise gymnasium available to all tenants, as well as a central lunch room. The architect is Tomislav Gabric & Associates, Los Angeles, and the contractor is Dan L. Smith Construction Inc., Los Angeles.