Tony Principe and Darryl Zilberstein of Westlake Village-based Westcord say the building owner has nearly filled the building in less than a year--and will probably have it filled soon--by dropping rates slightly below market. Zilberstein tells GlobeSt.com that market rates are about $1.70 per sf per month, full service gross, in the area of the Owensmouth building.
Principe and Zilberstein represented Westlake Village-based Owensmouth LLC, the building owner, in five leases signed in the past month at the 80,000-sf building near Warner Center, leaving about 3,900 sf vacant. The new tenants are Spectrum Construction, 10,000 sf; Remedy Temporary Services, 3,500 sf, El Centro De Amistad, a non-profit firm, 3,300 sf; HMI Associates, a security firm, 2,500 sf; and Dynamedia, an advertising firm, 1,150 sf. The Westcord brokers say another 1,750 sf is out for signature and they expect the building to be filled in about 30 days.
Owensmouth LLC acquired the property from Arden Realty Inc. approximately one year ago, when it was about 80% occupied. A tenant left soon after that, however, dropping the building's occupancy to about 59% before the building owner brought in the Westcord brokers to market the space.
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