Westlake Spectrum Office Park Sold for $23 Million

The five-building Westlake Spectrum office park in Westlake Village has sold, according to L.A.-based CBRE Group Inc. Van Nuys real estate investor and developer Majestic Asset Management Inc. bought the property for just over $23 million, CBRE said. The campus at 31355 and 31365 Oak Crest Drive, and 4333, 4353 and 4373 Park Terrace Drive has more than 20 tenants and is about a half-mile from the Four Seasons Hotel. The 118,555-square-foot portfolio last sold in 2002 for $18.6 million, according to CoStar Group Inc. CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Michael Slater and Tom Dwyer represented the buyer and the seller. “Companies like Amgen Inc., Baxalta (now Shire plc), Anthem Inc., PennyMac Financial Services Inc. and McGraw-Hill Education Inc. were drawn to the region’s green environments, tax benefits, executive housing and the large and well-educated labor base,” Longo said. “The Conejo Valley has a unique sprit of entrepreneurship, which has created thriving communities in biotech, software and technology.”