LA-based Hileman wants to convert the property, at LawrenceDrive and Hillcrest Avenue, into a four-building, low-rise officepark with a total of 275,000 sf. Two office buildings--one occupiedby semiconductor giant Conexant Systems Inc.--currently stand onthe site, as does a vacant manufacturing facility.

Hileman Co. is no stranger to such ambitious projects. Itrecently acted as development manager for LA-based Kearny RealEstate Co./Morgan Stanley's Pasadena Business Park, which involvedthe conversion of an obsolete manufacturing facility. Thedevelopment was 100% leased before it was even completed.

Hileman bought the Thousand Oaks property in July. Now that ithas the local planning commission's unanimous approval, it hopes tobegin demolition Nov. 1 for the first of three buildings. If plansstay on course, the first building in the renamed Arbors ThousandsOaks development will have 71,000 sf and will be completed by July2001.