|Invesco Real Estate purchased Westlake Park Place, a 238.9k sf, five-building, trophy office campus in Westlake Village. Located on Townsgate Rd, the property was developed and owned by Amstar, The Travelers Companies, Inc. and Searles Property Group. The price was not disclosed.
Westlake Park Place was 96 percent leased at the time of sale to a variety of credit tenants in the financial, legal and homebuilding industries. Built in 2008, it is one of only ten office campuses over 200k sf built in Los Angeles and Ventura counties in the last 10 years.
Kevin Shannon, Ken White, Tom Bohlinger, Brad Burton and Mike Longo of CBRE represented the seller in the transaction.
“This is considered a trophy asset in the Southern California office market, and is without a doubt the premiere office park in the Ventura and Conejo Valleys,” said Shannon. “There is no comparable alternative in the market for tenants, which made this an attractive opportunity for capital. In addition, structured rent increases and forecasted market rent growth appealed to investors and resulted in tremendous activity during the marketing process.”
The buildings in the office park include:
• 2915 Townsgate, a one-story, 5.4k sf building
• 2931 Townsgate, a one-story, 10.2k sf building
• 2945 Townsgate and 3027 Townsgate, both three-story, 60.5k sf buildings
• 3011 Townsgate, a four-story, 102.3k sf building