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12/15/16
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Majestic Asset Management has acquired Westlake Spectrum, a five-building, 120k sf office park in Westlake Village, in a recent $23.1 mil ($192/sf) deal. Majestic has completed nearly $100 million in transactions during 2016.
The property, located at 31355 and 31365 Oak Crest Drive, and 4333, 4353 and 4373 Park Terrace Drive, houses more than 20 tenants. It sits within a half mile from the Four Seasons Hotel and near many of the area’s major shopping centers.
Mike Longo, Todd Tydlaska, Sean Sullivan, Michael Slater and Tom Dwyer with CBRE represented the buyer and the seller in the transaction. According to Longo, other major companies in the area, like Amgen, BaxAlta, Anthem, Penny Mac, and McGraw Hill, were drawn to the region’s green environments, tax benefits, executive housing and the large and well-educated labor base.
Office employment across the region is quite strong. At the end of the third quarter, LA County office employment was still 2.5 percent below pre-recession highs set in the first quarter of 2007. Yet from the trough of the recession to now, growth has been robust, and from the first quarter 2010 to the third quarter this year, the county added 136,000 office-using jobs, according to the latest CBRE research.
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