WESTLAKE VILLAGE, CA—Illustrating the high demand foroffice properties in the Westlake Villagesubmarket, two office properties have traded hands.Pacifica Real Estate Group has acquiredWestlake Village City Center from FarmersNew World Life Insurance Co., and OsborneManagement LLC purchased North Ranch OfficeBuilding from North Ranch Properties.Both properties traded hands for an undisclosed amount.

Located at 31111 Agoura Road, Westlake Village City Center is atwo-story, 64,000-square-foot office building with 96% occupancy,and an lease transaction underway for the remaining space. Thetenant mix includes national office users, like Mass MutualLife Insurance, Bank of America,Farmers Insurance, and Lincoln FinancialAdvisors. “The seller thought this was a good time to sellbecause the building had really firmed up, and it was a good timeto maximize and get their money put to work elsewhere,”Michael Slater, a broker at CBRE,tells GlobeSt.com. Slater represented the buyer and the seller inthe transaction along with his CBRE colleagues, TomDwyer, Mark Perry and CarleneO'Neil. According to Slater, the team received “a ton” ofinterest on the property and had five offers from potentialbuyers.

North Ranch Office Building, located at 3967 Thousand OaksBlvd., is a two-story, 20,000-square-foot office building, 36%occupied by Citibank. The buyer is planning toreposition the remainder of the building forretail tenants as well as medical office tenants.“The owner was hoping to sell this property to a user that waswilling to come in and buy it,” explains Slater, who alsorepresented the buyer in this transaction along with the same CBREteam, about why this property was on the market for an extendedperiod. The same team handles leasing on the property and alreadyhas a deal in the works with what Slater describes as a “house-holdname” for the ground floor space.