Majestic buys Westlake Village offices for $23M to court tech tenants

CBRE's Mike Longo and the building at 31365 Oak Crest Drive
CBRE's Mike Longo and the building at 31365 Oak Crest Drive

Majestic Asset Management just bought a five-building commercial campus in Westlake for $23.1 million, or about $194 per square foot, and is planning to convert it into creative offices, The Real Deal has learned.

The seller, according to CoStar, is SIMA Corporation, a Santa Barbara-based real estate company that owns several other office assets in the Thousand Oaks area.

CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Michael Slater and Tom Dwyer represented both the buyer and the seller.

Located at 31355 and 31365 Oak Crest Drive, as well as 4333, 4353 and 4373 Park Terrace Drive, the office park totals about 119,198 square feet. Dubbed Westlake Spectrum, it contains one- and two-story buildings and sits on a lot that is just shy of 10 acres.

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The offices were built in 1990 but have been continually updated, Longo told TRD. They’re about 95 percent occupied with 20 tenants.

In its “creative repositioning,” Longo added, Majestic hopes to attract biotech and software companies that have flocked to the Thousand Oaks submarket in recent years.

“[Majestic] is anticipating that they’re able to capture the new, more dynamic tenants in the market,” the broker said. “There are a lot of biotech startups floating around, but not a lot of creative new product for these companies to locate in, and I think this buyer’s going to tap into that.”

Majestic, based in Van Nuys, doled out $37 million for the largest industrial building in Thousand Oaks back in September, TRD reported.