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WESTLAKE VILLAGE, CA-Locally based developer TR Funding expects to break ground in November on a 34,000-sf office condominium project at a site near the Ventura Freeway. The $17-million development will be the first such project in Westlake Village in a number of years, according to Tony Principe of Westlake Village-based Westcord Commercial Real Estate Services, which is marketing the project for the developer.

The new TR Funding project will be called the Vantage at Westlake and will occupy a two-acre site at 2629 Townsgate Rd., a block west of Westlake Boulevard and just south of the Ventura Freeway. The two-story class A building will feature concrete and steel construction and is scheduled to be completed in the fall of 2007.

Principe says that occupancy costs are a major factor driving the office condo project. Office rents exceed $3 per sf per month in the Westlake Village market and much of the new space is being preleased, Principe says, so many professional office tenants are looking for space to buy.

In addition, Principe says that the “zero availability” of professional condo office space in the Westlake Village market also is driving the new project. The Vantage at Westlake will offer 23 office units for sale ranging from 917 sf to 32,000 sf at asking prices starting at $475,000.

Designed by Neil Scribner Architecture of Thousand Oaks, the development will occupy a site near the Westlake Hyatt Hotel. The site is close to restaurants, banks and other financial services, entertainment and other retail and service businesses.

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