In a separate transaction, Merex Corp., a Westlake Village, CA-based aerospace parts manufacturer, acquired a 2.5-acre parcel in the Spectrum and plans to build a $2.5-million, 40,000 research-and-development facility.
Meantime, Thousand Oaks-based computer-components manufacturer Xircom Inc. has started construction in the park on its 200,000-sf build-to-suit headquarters complex, set for a September 2001 completion.
The three transactions are part of a Southern California trend that finds high-tech firms snapping up renovated industrial building complexes that–like the Conejo Spectrum project–have been substantially remodeled and expanded.
The San Fernando Valley office of CB Richard Ellis represented tenants in the lease deals. The Encino office of Colliers Seeley and Los Angeles-based Investment Development Services Inc. represented the owners, privately held Conejo Spectrum Building Associates LLC and Conejo Spectrum Land Associates LLC of Los Angeles.
The business park at 1515 Rancho Conejo Blvd. was formerly occupied by Northrop-Grumman and had been vacant since the late 1980s. The newly remodeled buildings occupy a 39-acre portion of the site and include a 343,000-sf industrial structure, a 97,000-sf R&D building and a two-story, 60,800-sf office building, says David Mgrublian of IDS, the development manager.
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