Spieker Buys Two Westside Office Complexes

Spieker Properties Inc., a real estate investment trust, has completed the purchase of Santa Monica Business Park, which is near the Santa Monica Airport, and the Marina Business Center in Marina del Rey. Both properties combined have about 1.2 million square feet of commercial space. The purchase is part of a $440-million deal that Spieker has with Torrance-based Transpacific Development Co. to purchase 3 million square feet of office space. Menlo Park-based Spieker said it expects to complete the purchase of the other properties--which include buildings in Cerritos and Irvine--by the end of March. Spieker shares rose 13 cents to close at $43 on the NYSE.