Bob Searles, president of Steadfast Properties, tells GlobeSt.com that the last of the five buildings in the 238,945-square-foot first phase of the development was recently completed and that the joint venture is planning to develop a second phase of 223,266 square feet next year. Depending on how leasing proceeds on the rest of phase one and what market conditions are like next year, construction on the second phase will most likely begin near the end of 2009, Searles tells GlobeSt.com.

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 for two three-story buildings of 62,000 square feet and one four-story building of 102,000 square feet. The project site is at Townsgate and Lake View Canyon roads, next to the 101 Freeway.

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, this is probably the one that has the greatest strength and velocity of leasing," he notes.

[IMGCAP(2)]Westlake Park Place is attracting quite a few banking and financial services firms, including First California Bank, which is leasing 21,901 square feet for a new corporate headquarters. Searles says that the activity by banking and finance tenants is not really surprising because the firms that are leasing space are all solid companies that have thus far continued to do well despite the turmoil in the banking and financial services industry.

The firms that are taking space in the project include expansions, relocations and consolidations. Searles says that the project is attracting the tenants because, "We are a new generation of product, and companies that are consolidating or expanding or relocating want to provide their employees with a better environment." The leasing agents for the project are Mike Foxworthy and Tom Festa of Daum Commercial Real Estate Services.

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

The Conejo Valley submarket spans both southeastern Ventura County and northwestern Los Angeles County. In addition to banking and financial firms, the submarket has been attracting technology companies, pharmaceutical corporations and professional firms in recent years.