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June 13, 2024
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Westlake Village Office Building Trades Hands


A 45.5k sf office building in Westlake Village was acquired by a private investor in a recent, off-market transaction. The building, located at 4360 Park Terrace Dr, is part of a beautifully landscaped, master planned development known as the Westlake Spectrum Office Park.

Built in 1989, the free-standing two-story office building is situated within the 101 Ventura Fwy corridor office submarket and is surrounded by a myriad of many prominent corporate neighbors. Nearby high-profile properties include the Shoppes at Westlake Village, Westlake Plaza & Center, Westlake Village Marketplace, the Four Seasons Hotel, Westlake Golf Course, and Sherwood Country Club.

The building, which was approximately 40% leased at the close of escrow, features several highly improved suites that were built out by previous owners. The new owner, who will occupy a portion of the building, intends to lease up the remaining vacancies and hold the asset as a long-term investment.

Michael Schiff with NAI Capital Commercialís Investment Services Group represented the buyer in the deal. The seller, Westlake Partners, represented themselves. The financial terms of the transaction were not disclosed.

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