R&D; Center Work Begun

Construction has begun on Lost Hills Business Center, a research-and-development and office park being developed in Calabasas jointly by Cabot, Cabot & Forbes and Currey Riach Co.

Land development financing totaling $31.6 million has been provided by the Income Property Division, Pasadena headquarters of First Interstate Mortgage Co., a subsidiary of First Interstate Bancorp.

The park, scheduled for completion late in 1986, is rising on 59.7 acres on the south side of the Ventura (101) Freeway on Agoura Road west of Las Virgenes Road. It will be developed into 18 lots ranging from 6.3 to .6 acres.