WESTLAKE VILLAGE, CA -
Citing a “tremendous demand” for professional office space ownership in a Westlake Village, CA market experiencing rising rents, a local investor/developer plans to build a $17 million office condominium project that will be the first of its kind built here in a quarter century, announces Westcord Commercial Real Estate Services.
Tony Principe, president of Westlake Village-based Westcord, reports that TR Funding expects to break ground in November, 2006 for “The Vantage at Westlake” on a two-acre site at 2629 Townsgate Rd., one block west of Westlake Blvd. and just south of the Ventura (101) Freeway. The two-story Class A building will feature concrete and steel construction and comprise 34,000 sq. ft. of space. A fall, 2007 completion is scheduled.
“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 the heart of Westlake where class A space is always a premium,” said Principe whose company is marketing the new project.
Noting that monthly rental rates typically rise 3-6 percent annually, while mortgage rates can typically remain relatively constant, Principe cited the benefits of buying in the current market. They include effectively making payments to yourself, flexible financing terms, fixed costs, depreciation and interest write-offs, appreciation in value, equity build up, and pride of ownership, he said.
Principe, who emphasized that there is currently “zero availability” of professional condo office space in the Westlake Village market, said “The Vantage at Westlake” will offer 23 office units for sale ranging from 917 sq. ft. to 32,000 sq. ft. Prices start at $475,000.
“We feel this project will also be warmly received because of the high-end finishes on interiors and exteriors,” said Principe.
Designed by Neil Scribner Architecture of Thousand Oaks 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 façade that will be flanked by decorative masonry columns with stacked stone.
“The finishes will be first class because we wanted an upscale look. Interiors will feature unusually high ceilings and abundant window areas,” Principe said.
“The Vantage at Westlake” will be strategically located in the midst of 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. |
