WESTLAKE VILLAGE, CA -- A lease for 6000 sq. ft. of office space by
Nortel Networks at Plaza Center III here further underscores the pent-up demand for Class
A office space by companies expanding within Conejo Valley as nearly 50 percent of the
office complex in Westlake Village, CA is committed as steel framing is
completed, announces Westcord Commercial Real Estate Services. Tony Principe, executive
vice president of Westlake Village, CA-based Westcord, also reports that leases are out
for over 21,000 sq.ft. of space, which together with a lease signed by Merrill Lynch prior
to groundbreaking and the Nortel deal, comprise some 40,000 sq. ft of the 81,500 sq. ft.
building. Principe said Nortel Networks will use its space at Plaza Center III for
expansion of its sales activities from other Westlake Village sites. Value of the
five year lease is $1 million.
Located on a strategic 4.5-acre parcel immediately south of the Ventura Freeway (101) just
east of the landmark Hyatt Hotel, Plaza Center III is scheduled for a May, 2001 occupancy.
Principe is exclusive marketing agent for the project valued in excess of $18
million. "The fact that all the tenants committed to the project are local firms
expanding within the market verifies the strong demand for Class A space in Conejo Valley
where the vacancy rate is approximately 7.5 percent. Many firms had been standing on
the sidelines waiting for Class A space to come on the market," said Principe.
Principe pointed out that Class A office buildings, in addition to the construction type,
are described in Conejo Valley as having an overall appealing location, generous
amenities, convenient shopping, banking and restaurants, and hotel proximity. He
said Plaza Center III fulfills these requirements.
Plaza Center III office
building is a three-story structure in a master planned center anchored by the Hyatt Hotel
that includes two other fully occupied office buildings comprising approximately 200,000
sq. ft. The building is an all-steel structure that will feature dual plane glass, high,
nine- to 10-foot minimum ceiling heights, two elevators, 27,000 sq. ft. floor plates, a
high-end lobby, and provisions for fiber optics. Space is available from 1000 to
40,000 sq. ft.
Principe emphasized that abundant free surface parking is available at the project which
he says will "save tenants 25 to 30 cents per square foot compared to most areas of
the San Fernando Valley and Los Angeles which currently charge for parking.
Additionally, the City of Los Angeles' business tax can add 20 to 30 cents per square
foot," Principe stated.
Commenting on the local
office market, Principe reports that Westlake Village consists of 77 buildings totaling
3.4 million sq. ft. The overall vacancy rate is 7.5 percent, but the rate for
Class A space at the end of the third quarter was less than 4.5 percent. He added
that demand for large blocks of space are in highest demand, but has heretofore been
non-existent. He noted that office rental rates currently range from $2.25 to $3 psf, full
service, for Class A space in Conejo Valley, up from $2.25 18 months ago.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA.
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