CarrAmerica, which owns, develops and operates office properties in 12 markets throughout the United States, has shelled out $2.5 million for the property, which is located on Nexus Center Drive. With the construction drawings nearly completed, company officials expect to break ground on the proposed research building in 2004, according to Malcom O'Donnell, CarrAmerica's managing director for Southern California. CarrAmerica's officials have not yet determined whether to develop a build-to-suit or a speculative facility, but they do "have the flexibility" to choose either one, O'Donnell tells GlobeSt.com. A decision is expected in early 2004 with construction to begin soon after.

CarrAmerica has acquired the two-acre parcel from Makar Properties, which is developing the mixed-use, master-planned La Jolla Commons project. La Jolla Commons is rising on a 16.85-acre site in the San Diego submarket known as University Town Centre. Approved for up to 1.1 million sf, the development will include a 14-story premium hotel, a 20-story office tower, a 115-unit condominium tower and an eight-story parking garage upon completion.