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AGOURA HILLS, CA-Silagi Development and Management Co. of Thousand Oaks, Calif. has completed its 93,000-sf Agoura Hills Gateway speculative office project, which the company says is the largest single speculative office building erected between Calabasas, Calif. and Ventura, Calif. in the past decade.

The development is a two-story building on a five-acre site along the Ventura (101) Freeway in what is known locally as the “101 Corridor” office market.

The project is tailored for small and medium-sized tenants looking to occupy space immediately, according to Tony Principe of Westcord Commercial Real Estate Services, who is marketing the space along with partner Darryl Zilberstein.

Principe tells GlobeSt.com that asking rates for Agoura Hills Gateway are $2.20 per sf per month. “We wanted to be at the low end of the spectrum in this area for class A space,” says Principe, who explains that rates range from about $2.20 to $2.60 for class A space there.

Principe tells GlobeSt.com that direct vacancy is about 10% and vacancy with sublease space is about 16% in the 101 Corridor office market, which includes about 10 million sf along the 101 freeway from Calabasas to Newbury Park.

“We went through a real quiet time after Sept. 11 and a lot of new product was added, but starting in the second quarter this year we’ve been seeing a steady flow of tenants of all sizes,” he tells GlobeSt.com.Although the new Silagi project has the flexibility to accommodate tenants requiring from 1,000 to 100,000 sf, Principe explains, the developer is building speculative suites of 1,000 to 2,000 sf for immediate occupancy and is providing a conference room for the use of all tenants.

The 101 office market is part of the Conejo Valley market, where, Principe says, absorption is solid in the 1,000 to 5000 sf range that Silagi is targeting with the smaller suites.

Silagi’s Agoura Hills project was designed by Neil Scribner Architects of Thousand Oaks and is one of a number of developments the company has under way or completed recently in Southern California. Among others is a 100,000-sf industrial condominium project that Silagi began recently in Ontario, Calif.

Silagi’s president, Moshe Silagi, says that once the Agoura Gateway project is 60% leased, he plans to launch another office building of 50,000 sf in the immediate area.

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