Bob Searles, president of Steadfast Properties, tellsGlobeSt.com that the last of the five buildings in the238,945-square-foot first phase of the development was recentlycompleted and that the joint venture is planning to develop asecond phase of 223,266 square feet next year. Depending on howleasing proceeds on the rest of phase one and what marketconditions are like next year, construction on the second phasewill most likely begin near the end of 2009, Searles tellsGlobeSt.com.

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The phase one buildings include sizes of 5,500 square feet,10,500 square feet, 62,000 square feet and 102,000 square feet,ranging from one to four stories. The second phase is planned fortwo three-story buildings of 62,000 square feet and one four-storybuilding of 102,000 square feet. The project site is at Townsgateand Lake View Canyon roads, next to the 101 Freeway.

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The Steadfast-Amstar JV is signing leases at asking rates of$3.15 to $3.25 per square foot per month, full service gross,according to Searles. "In all of the markets that we are in, thisis probably the one that has the greatest strength and velocity ofleasing," he notes.

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[IMGCAP(2)]Westlake Park Place is attracting quite a few bankingand financial services firms, including First California Bank,which is leasing 21,901 square feet for a new corporateheadquarters. Searles says that the activity by banking and financetenants is not really surprising because the firms that are leasingspace are all solid companies that have thus far continued to dowell despite the turmoil in the banking and financial servicesindustry.

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The firms that are taking space in the project includeexpansions, relocations and consolidations. Searles says that theproject is attracting the tenants because, "We are a new generationof product, and companies that are consolidating or expanding orrelocating want to provide their employees with a betterenvironment." The leasing agents for the project are Mike Foxworthyand Tom Festa of Daum Commercial Real Estate Services.

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In addition to First California Bank, some of the tenants thathave signed on at Westlake Park Place include Metropolitan Life,GlobalWide Media, Ernst & Young, Comerica Bank, Raymond JamesFinancial, Platinum Office Suites and Charles Schwab. Approximatelyhalf of the tenants are coming from outside of the Conejo Valley,including locations in the West San Fernando Valley and other partsof Ventura County, Searles notes.

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The Conejo Valley submarket spans both southeastern VenturaCounty and northwestern Los Angeles County. In addition to bankingand financial firms, the submarket has been attracting technologycompanies, pharmaceutical corporations and professional firms inrecent years.

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