WESTLAKE VILLAGE, CA –
With 95 percent of its office condominiums already pre-sold in a validation of pent-up demand for professional office space ownership, ground has been broken for "The Vantage at Westlake", a $17 million project in Westlake Village, CA, announces Westcord Commercial Real Estate Services.
A development of TR Funding of Westlake Village, "The Vantage at Westlake" is being built on a two-acre site at 2629 Townsgate Rd., one block west of Westlake Blvd, and just south of the Ventura (101) Freeway. The concrete slab for the project has already been poured and walls are expected to be raised within two weeks. A third quarter 2007 completion is scheduled.
Tony Principe, president of Westlake Village-based Westcord, reports that 22 of the 23 individual units of from 800 to 2000 sq. ft. have been sold to a variety of professional service firms, including insurance, real estate, financial services, legal, technology and software businesses.
"This project fulfils a need in a growing market segment where users desire and are able to buy real estate that fits their specific needs, rather than buying a larger building and its higher occupancy costs. The 'Vantage' provides all the benefits of ownership without taking on a major building," Principe said. He emphasized that some buyers have purchased as many as six units.
"With office rents exceeding $3 per square foot in this market and much of the new space being pre-leased, it makes sense to own your own space, particularly in a Class A location like Westlake," Principe added. Westcord and Principe are exclusive marketing agents for "The Vantage at Westlake".
Designed by Neil Scribner Architecture of Thousand Oaks, CA with professionally designed interiors, "The Vantage at Westlake" will be distinguished by a contemporary motif expressed by extensive use of glass and striking decorative metal canopies over the signature entry and window areas. The entry accents a two-story glass fa鏰de that will be flanked by decorative masonry columns with stacked stone. Southern California Builders of Westlake Village is the general contractor.
"Finishes will be first class because we wanted an upscale image. Interiors will feature unusually high ceilings and abundant window areas," Principe said. On site free parking will be provided.
"The Vantage at Westlake" will be strategically located within walking distance from numerous amenities, including the Westlake Hyatt Hotel, restaurants, financial services, and entertainment-related facilities.
Westcord is ranked among the top commercial real estate companies in Los Angeles and Ventura Counties. The firm has offices in Westlake Village, CA, and Van Nuys, CA. |
