Office Buildings

DRA Advisors Inc. bought five San Diego office buildings from Clarion Partners for about $80 million, the largest office property transaction in San Diego County this year. The buildings are in four suburban locations, said Rick Putnam, a principal with Trammell Crow Co., which represented Clarion in the sale. The buildings contain a total of 477,756 square feet and are 93% occupied. DRA was attracted to San Diego by a vacancy rate of 7.

The tallest structure in the $150-million Long Beach Airport Business Park, at the southeast corner of Lakewood Boulevard and Spring Street in Long Beach, has been topped out. The eight-story, 165,000-square-foot office building will be completed by fall, 1989. It's the first of three office buildings to be added in the park's final phase. Nine buildings were erected in earlier phases, including a 311-room Marriott Hotel.

Maguire Properties Inc. agreed to sell Pacific Center and Wateridge Plaza in San Diego County for $298 million. Maguire expects the sale of the two office properties to close in the second quarter, the Los Angeles-based company said. Maguire didn't name the buyer. The proceeds will help pay for $2.88 billion in Los Angeles and Orange County buildings that Maguire bought from Blackstone Group.

Four office buildings in the Greater Los Angeles area were recipients of the third annual Building of the Year awards, sponsored by the Building Owners & Managers Assn. They included the Pacific Corporate Towers, in the over 500,000-square-foot category--a master planned, two-phase complex on Sepulveda Boulevard in El Segundo; First Federal Square in the under 500,000-square-foot category, a diamond-shaped structure at Wilshire Boulevard and 4th Street in Santa Monica.

A downward trend in net operating income for private sector office buildings in the United States has been reported in the 1985 Experience Exchange Report published by the Building Owners & Managers Assn. The overall average increase in net operating income from 1980 to 1984 was 36%. From 1982 to 1983, net operating income increased by 13%; it was almost flat from 1983 to 1984, rising by 1%. The above figures are adjusted for annual change in the Consumer Price Index.

Koll Real Estate Group Inc. is jumping on the recycling bandwagon, using old building materials to construct a new industrial facility in Anaheim. The developer plans to reuse 90% of the two older office buildings it purchased from Boeing-North America on Mira Loma Way to construct a new 314,500-square-foot warehouse, Koll Technology Center. KREG officials said it would have been too expensive to bring the 1960s-era office buildings up to code.

Construction is under way on the first phase of the $500-million City Centre Development in the South Park Redevelopment Area. Psomas & Associates has been retained by Parkhill Partners, the developer, to prepare site civil engineering plans for the five-phase project, which will include three office buildings, 270,000 square feet of retail space and 530,000 square feet of hotel development. The project is on 6.

Concerned about a lack of parking spaces, the Thousand Oaks Planning Commission has rejected a proposal to build four office buildings on the southwest corner of Duesenberg and Hillcrest drives. J. D. Schwetz Co. asked the commission's approval to construct four buildings without providing all of the parking required by the city code. Michael Browers, architect for the project, argued that the development need not provide all of the parking required because Southern California Edison Co.

Warner Bros. unveiled a glossy 150,000-square-foot office building Thursday that will house between 400 and 500 employees of several divisions. The Triangle Building, at Olive and Pass avenues in Burbank, will contain such departments as consumer products, domestic television distribution, domestic television marketing and advertising, and international television and distribution. Burbank city officials and Warner Bros. Chairmen Robert A.

Manhattan office buildings no longer look like the sure bet they did just two months ago, with prospective buyers unsettled by the stock market's slide cutting bids as much as 20%, real estate brokers said. As a result, some building owners have taken down "For Sale" signs, giving up for now on plans to cash in on what had been a red-hot market before overseas financial shock waves reverberated here.