Arden Realty Buys 8 Office Buildings

Arden Realty Inc. said it completed the purchase of eight office properties in Southern California for about $97 million, boosting its holdings by about 16%. The properties, which were bought in various transactions, contain a total 870,102 square feet of space. Occupancy rates range from 41% to 88%. The purchase brings the Beverly Hills-based firm’s holdings to 42 properties with 6.3 million square feet in the Southland. Arden financed the purchase with cash and the issuance of 26,880 partnership units convertible into common stock. The largest of the purchases were the $19.5 million it paid for the California Twin Centre in Bakersfield and the $19.1 million paid for the South Bay Corporate Centre near the Long Beach Airport. Arden’s stock rose 25 cents to close at $26.25 on the New York Stock Exchange.