X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTLAKE VILLAGE, CA-Tishman Speyer of New York has acquired the 380,000-sf Oaks at Westlake, a class A office building that was developed on a 42-acre site in 1982 by Prudential Insurance Co., from Baxter Healthcare for $92.5 million. The property, which was 84% leased at the time of the sale, traded in an off-market transaction.

John Miller, senior managing director at Tishman Speyer, says the company found the “headquarters quality” building attractive as an investment for a number of reasons. Since it was originally developed as a regional headquarters for a major financial institution, it was built according to high standards, he says.

In addition, the building’s current availability of space in a submarket with a very low vacancy rate offers an opportunity for upside, Miller comments. It also gives Tishman Speyer “an entry to another strong submarket of Los Angeles, where we are interested in expanding,” he says.

Vacancies are decreasing and rental rates are increasing in the Westlake Village market, according to Marc Spellman of the Los Angeles North/Ventura office of Lee & Associates. “The rates are going up because of the lack of available space,” Spellman tells GlobeSt.com. He says that average asking rates for class A space in the Westlake Village market have climbed to about $2.55 per sf per month, full service gross.

The Oaks at Westlake is the latest in a series of Tishman Speyer acquisitions in Los Angeles-area submarkets in the past year. Most recently, in July, the firm acquired a 239,000-sf class A office building in El Segundo.

Recent reports from CB Richard Ellis list the Westlake Village office market with a total of nearly four million sf of space. It listed about 2.5 million sf in Ventura County and 1.5 million sf in the Los Angeles County portion of the submarket.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.