Westlake Village office sale tops $80M
Westlake Park Place I, a five-building office campus in Westlake Village, sold recently for $80.8 million — the highest sale price for an office building in Ventura County in 2021.
The buyer was a partnership between Amstar and Searles Property Group, and the seller was Invesco Real Estate.
Westlake Park Place I started construction in 2008. It sits on more than 13 acres and has more than 239,000 square feet of space. It is about 85% leased to a mix of tenants, including Dole, PennyMac, Pacific Western Bank, Raymond James Financial, Charles Schwab, UBS, Wells Fargo and others, according to a news release from Newmark, which represented the seller.
The part of the project that sold was Phase I. The entire campus is an 8-building office complex built in two phases, with the second 14-acre phase completed in 2017.
The Newmark team that represented Invesco consisted of Kevin Shannon, the firm’s co-head of capital markets; Rob Hannan and Ken White, both executive managing directors; and Laura Stumm, a senior managing director.
“Westlake Park Place represents one of the elite office environments in the Conejo region,” Shannon said in the firm’s news release. “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.”