WESTLAKE VILLAGE,
CA -- Reflecting what it terms “a significantly improving office market in
Conejo Valley,” Westcord Commercial Real Estate Services announces that Intel has
subleased an 88,000 sq. ft. office/R&D building and sold nearly 10 acres of land
to Amgen near the world’s largest biotechnology company’s headquarters in
Newbury Park, CA.
Tony Principe, executive
vice president of Westlake Village, CA-based Westcord, reports that Amgen initiated
occupancy this month of the two-story R&D/office building located at 2300 Corporate
Center Dr., Newbury Park.
Principe also reports that
Intel recently (Dec. 24) completed the sale of 9.4 acres of land to Amgen on Spectrum Dr.
adjacent to a 200,000 sq. ft. office building it subleased earlier from Intel at Conejo
Spectrum in Newbury Park. Amgen will use the land for future expansion.
Principe represented Intel in both transactions. Terms were not disclosed.
In addition to representing
Intel in the sublease of the 200,000 sq. ft. office building to Amgen at Conejo Spectrum,
Principe earlier subleased a 50,000 sq. ft. building for the company to Agfa. The
transactions, all in Newbury Park, have an aggregate value of over $30 million.
Principe revealed that he
is also marketing a fully furnished 21,000 sq. ft. office building for Intel located at
26610 Agoura Rd. in Calabasas, representing the last property formerly occupied by Intel
in the area. The building is improved with over 70 workstations, numerous furnished
offices and fully-equipped conference rooms.
Commenting on the Intel
transactions, Principe said: “As soon as most of the Intel properties came off
the market, landlords became far more bulllish about the market. Since that
attractive space is gone, area landlords are increasingly able to lease their space,
moving us gradually away from a tenant market.” He noted that office vacancies
are now below nine percent in Conejo Valley, compared to 14 percent one year 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. |
