JV pays Invesco $80M for Westlake Village office
Amstar and Searles Property bought 240K sf complex that includes 5 buildings
A joint venture has acquired a Westlake Village office campus for $80.8 million.
Amstar and Searles Property Group bought the 239,000-square-foot complex from Invesco, according to Commercial Observer. The property includes five buildings and is spread across 13 acres.
The complex at 2945 Townsgate Road is 85 percent leased, according to the report. In the last 16 months, around a third of the space was either newly leased or renewed leases. Tenants include Cohen Law Firm and office share provider Regus.
Los Angeles area office landlords have struggled to lease up space since the pandemic. Leasing started to pick up in the second quarter but remains down considerably from pre-pandemic levels.
While more square footage was leased in the second quarter than in the first, a flood of sublease space drove availability to 24.1 percent from April through June.
Earlier this year, Invesco and partner SteelWave closed one of the largest leases in Orange County history when they signed arms manufacturer Anduril to a 640,000-square-foot deal in Costa Mesa.
[CO] — Dennis Lynch