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.

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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.

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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.

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The sale of these two properties illustrates the strength of theWestlake office market. “This year has been the best year since therecession in terms of leasing,” says Slater. “A lot of big tenantshave moved to town, so the vacancy rate has dropped from the worstit was during this recession, about 16.8%, to about 12.8% and weare still dropping. In the Conejo Valley, Westlake is the bestmarket in terms of where people want to be, and it also has themost space, about 5.1 million square feet of office space. It seemslike three out of every five tenants that come to the area want tohave a Westlake address.” Another office campus in the area torecently make headlines is the LC3 Campus, whichsigned leases with a new tenant to achieve 95%occupancy.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.