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THOUSAND OAKS, CA-The Steadfast Cos. of Newport Beach and the Denver-based Amstar Group plan a 461,000-sf, eight-building class A speculative office project in the Thousand Oaks section of the Westlake Village Business District. The developers plan to break ground in September on the project, called Westlake Park Place, which will occupy one of the last large development parcels between Valencia and Santa Barbara. The 27-acre project site is at Townsgate and Lake View Canyon roads, next to the 101 Freeway.

Brad Broyhill, managing partner with the Amstar Group, says the factors that attracted the developers included the project location next to a major freeway, with executive housing nearby. In addition, he cites the 4.7% vacancy rate in Westlake Village and the overall vacancy of 6% in the Conejo Valley.

The first buildings of Westlake Park Place are expected to be completed by the fall of 2007 as part of a phased construction program. The first phase of construction comprises 238,674 sf in five buildings, including buildings ranging from one to four stories and from 5,550 sf to 102,012 sf.

The buildings will be designed to suit a variety of types of tenants, ranging from large operations to entrepreneurial companies, according to Bob Searles, president of Steadfast Business Properties. Demand for space has been growing among companies of all sizes, according to Mike Foxworthy, EVP at GVA Daum, the listing agent for Westlake Park Place.

Demand for the office space in the area is coming from the growing population, with business owners looking to find offices closer to their homes in an effort to avoid the commute into West Los Angeles and other office markets where many now drive each day. The new office space will be built on land that the developers bought last year, when Foxworthy represented the seller, Canyon Mesa Inc.

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