3 Tenants Sign Leases for Conejo Spectrum

Three tenants signed leases valued at more than $39 million for 410,000 square feet of office and industrial space at the Conejo Spectrum, a 100-acre business park under development by Los Angeles- based Investment Development Services at Rancho Conejo Boulevard and Lawrence Drive in Newbury Park.

Xircom, a maker of mobile computer communications and networking devices, signed a 10-year, $25-million lease for a 200,000-square-foot build-to-suit office building at the site, according to John DeGrinis and Mike Tingus of Colliers Seeley, who represented Investment Development Services in all three leases and in a related land sale to Xircom.

Alcatel, a builder of voice and data networks, signed a 10-year, $11-million lease for 150,000 square feet of industrial space at 1515 Lawrence Drive.

Teradyne, a supplier of test equipment for the electronics and telecommunications industries, signed a seven-year, $3-million lease for 60,000 square feet of industrial space at 1475 Lawrence Drive.

The leases reflect a rising demand for office and industrial space in the Conejo Valley, according to Tingus, who said vacancy rates are now approximately 6% for the market’s 3.4 million square feet of industrial space and 6.4% for its 4 million square feet of office space.