Barker Pacific Buys Office Building

WESTLAKE VILLAGE, CA—Barker Pacific has partnered with Rockwood Capital to purchase Westlake Spectrum, a two-building class-A office space in Westlake Village, CA. The property is 85% occupied, primarily by Securitas USA, a private securities services firm. The joint venture purchased the 107,381-square-foot property from TA Realty for an undisclosed price in an all-cash transaction.

“Our company has developed a track record of acquiring properties that have various challenges, whether it be renovation or leasing issues,” Michael Barker, managing director of Barker Pacific, tells GlobeSt.com. “This one attracted us because it is in a submarket that we think has very good potential. It is a very affluent area, and there are a number of biotech and tech companies. So, it is the kind of area that has all of the ingredients that we typically look for.” In addition to the strong market, Barker Pacific was also attracted to the properties’ primary tenant Securitas USA, a private securities company based in Europe with offices in both Westlake Village, CA, and New Jersey. “[Private Securities] is an industry that we think has a lot of potential and status going forward,” Barker adds.