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7/27/21
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Amstar and Searles Property Group teamed up in the purchase of Westlake Park Place, a five-building, 239k sf office campus in Westlake Village, for $80.8 mil ($338/sf).
Delivered in 2008, Westlake Park Place is among the newest office developments along the 101 Corridor, adjacent to Westlake Commons and Caruso’s Promenade at Westlake, and is generally regarded as one of the premier assets in the entire Conejo Valley. The project, sitting on more than 13 acres, is approximately 85% leased to a diverse mix of tenants, headlined by multiple prominent wealth management advisors.
Westlake Park Place offers an expansive outdoor courtyard, on-site tenant amenities and 840 parking spaces. The property also enjoys unparalleled walkable access to the tremendous array of retail amenities directly across Townsgate Rd. With existing corridors, Westlake Park Place caters to a wide range of tenant sizes, providing a flexible leasing advantage with the ability to accommodate a wide range of tenant demands.
Newmark Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White and Senior Managing Director Laura Stumm represented the seller, Invesco Real Estate, in the transaction.
“Westlake Park Place represents one of the elite office environments in the Conejo region,” commented Shannon. “The property experienced tremendous momentum over the last 16 months, executing new or renewed leases for almost 30% of its net rentable area. This tremendous leasing momentum post-COVID-19 was attractive to potential investors.”
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