The 18.7 acres purchased by LA-based Cypress Land Co. are inside the 100-acreSpectrum, at 1515 Rancho Conejo Blvd. The seller is a privately heldpartnership known as Conejo Spectrum Land Associates LLC, which owns theentire park.

The seller was represented by Dan Sibson--a principal of LA-based InvestmentDevelopment Services and project manager of Conejo Spectrum-and by ColliersSeeley International broker John DeGrinis. DeGrinis also represented CypressLand Co. No one involved in the sale would disclose the purchase price.

Cypress Land's plans to build up to 300,000 sf of flex-tech space on itsnewly acquired land are "a re-affirmation of the continued strength of theConejo Valley," says David Mgrublian, managing director of IDS. He notes thatseveral high-tech companies are already committed to other parts of thecampus-style Spectrum and that just six of the 67 acres that IDS originallyearmarked for sale inside the development are still available.

Yet, other developers are building competing projects in the same "TechnologyCorridor" even as demand among many tech companies is drying up. The area'svacancy rate currently stands at about 9% and some analysts say it will movehigher if leasing activity doesn't rebound soon.

"The key question is how long the technology slump will last," Jack Kyser,chief economist of the Los Angeles Economic Development Corp., recently toldGlobeSt.com. "Some people say it will take until 2003 for business to pick upagain."