WESTLAKE
VILLAGE, CA -- Plaza Center III, a high visibility, 81,500 sq. ft. office complex
in Westlake Village, CA that is over 75 percent leased prior to opening, has been sold to
Los Angeles investors for $20.4 million, announces Westcord Commercial Real Estate
Services. Tony Principe, executive vice president of Westlake Village-based Westcord,
reports that Duesenberg Investment Co. of Los Angeles purchased the Class A,
three-story Mediterranean style office building located immediately south of the Ventura
Freeway (101) and just east of the landmark Hyatt Westlake Hotel.
Principe represented Plaza
Center III LLC, the developers of Plaza Center III, in the sale. Commenting on the
transaction, Principe said: "The sale of this high-end office building prior to
completion underscores the ongoing strength and appeal of the Conejo Valley. The
fact that the project is substantially leased further verifies this notion."
Principe, who served as exclusive marketing agent for Plaza Center III from its inception,
noted that companies that have already leased space in the project include Merrill Lynch,
Nortel, Met Life, Chase Manhattan Mortgage, William Berrol, attorney at law, Jackson,
DeMarco & Peckenpaugh, attorneys at law, Coast View Capital (a company of a founding
principal of Amgen), the law firm of Stowell, Zeilenga & Ruth LLP, and American
Title Co., Bosley Medical Group, and Singulis Technologies.
Transactions for an
additional six percent of the building are pending, Principe revealed. Occupancy was
initiat x ed last month (October). Featuring all-steel construction, Plaza Center III is
distinguished by an earth toned facade and red tile roof. Upgraded building features
include lobbies accented by marble or granite, high nine-to-10-foot minimum ceiling
heights, two elevators, 27,900 sq. ft. floor plates, provisions for fiber optics, and
abundant free surface parking. Space is available from 1400 to 12,000 sq. ft.
Neil Scribner of Thousand
Oaks, CA was the project architect.
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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