(Read more on the multifamily market.)

WESTLAKE VILLAGE, CA-Locally based developer TR Funding’s 34,000-sf Vantage at Westlake office condominium project has broken ground at 95% sold out, according to locally based Westcord Commercial Real Estate Services. Tony Principe of Westcord, who is the listing agent for the development, says that 22 of the 23 individual units of from 800 sf to 2,000 sf have been sold to a variety of users.

The $17-million development, the first such project in Westlake Village in a number of years, is being built on a two-acre site at 2620 Townsgate Rd., near the Ventura Freeway and a block west of Westlake Boulevard. TR Funding expects to complete the two-story class A concrete and steel project in the third quarter.

Principe describes the buyers of the Vantage condominiums as a variety of professional service firms, including insurance, real estate, financial services, legal, technology and software businesses. He notes that some buyers have acquired multiple units, including at least one who bought six of the condos.

According to Principe, the quick pace of sales indicates a growing market for such buildings in the Westlake Village area, where this owner-user segment is growing. 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.

Designed by Neil Scribner Architecture of Thousand Oaks, the development is going up near the Westlake Hyatt Hotel. The location is close to restaurants, banks and other financial services, entertainment and other retail and service businesses. Southern California Builders of Westlake Village is the general contractor.

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