Invesco Unloads Westlake Village Office for $81M
By Greg Cornfield July 23, 2021 5:55 pm
reprints
Invesco Real Estate (IVZ) has unloaded an office campus in the northwestern part of Greater Los Angeles.
A partnership between Amstar and Searles Property Group acquired Westlake Park Place, a five-building office campus in Westlake Village, Calif., for $80.8 million. Newmark (NMRK) arranged and announced the sale.
The 13-acre site features 239,003 square feet completed in 2008, and is approximately 85 percent leased. The office is at 2945 Townsgate Road, adjacent to Westlake Commons and Caruso’s Promenade at Westlake.
“The property experienced tremendous momentum over the last 16 months, executing new or renewed leases for almost 30 percent of its net rentable area,” Newmark’s Kevin Shannon said in a statement. “This tremendous leasing momentum post-COVID-19 was attractive to potential investors.”
Shannon and Newmark’s Rob Hannan, Ken White and Laura Stumm represented the seller, Invesco, in the deal.
Invesco is active around the world, including in New York and on the West Coast. Earlier this year, the firm provided a $116 million loan for the acquisition of 10 self-storage properties, including in L.A. and San Diego. To end 2020, the firm provided $140.7 million in financing for Goldman Sachs and Lincoln Property Company (LPC) to acquire the Hollywood 959 office campus.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
