Real estate investment firms Amstar and Searles Property Group have purchased a five-building office campus in Westlake Village for $80.8 million, or roughly $338 per square foot.Amstar and Searles had originally developed Westlake Park Place as a joint venture with Travelers Co.The three entities completed construction on the project’s first phase – five buildings covering 239,003 square feet – in 2008.
In 2014, Invesco Real Estate had acquired the project, five buildings which were 97 percent occupied, for $98 million or $410 per square foot.The office buildings, located at 2915, 2931, 2945, 3011 and 3027 Townsgate Road, stand on about 13 acres of land. Each of the buildings range in size from 5,000 square feet to just over 100,000 square feet.Currently, these buildings are 85 percent occupied with tenants including Wells Fargo, Century Group, Regus and City National Bank.A Newmark team led by Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Kevin White, and Senior Managing Director Laura Stumm, represented owner Invesco Real Estate in the transaction.Westlake Village has seen some large-scale office building sales in recent quarters. In 2019, the 84,000-square-foot Westlake Plaza 2 at 2829 Townsgate Road sold for $18.3 million. A year later, a 256,6020-square-foot office portfolio at 2801 and 2815 Townsgate Road, and 100 and 200 N. Westlake Blvd. sold for $55 million. Both of these deals were also transacted by Newmark brokers.
Westlake Village Office Campus Sells for Nearly $81 Million
