Amstar Sells Class A Office Campus in Thousand Oaks, California
Thousand Oaks, California (January 12, 2014) – Amstar announced today the sale ofthe firstphase ofWestlake Park Place, a 5-building239,000 sfpremierClass Aoffice campus located inThousand Oaks, Californiaforanundisclosedamount. CBREhandledthesalefortheownershipgroup. Amstar, in partnership withThe Travelers Companies, Inc. and Searles PropertyGroup, delivered the 5 buildings inPhaseIinDecember2008and stabilized the projectin2013. “Ourabilitytolease thisprojectatthe highest rates in the submarket during a recessionary time period speaks tothe fact that it is the best-in-classofficeprojectinallofVenturaCountyandtheConejoValley. Webelieveitprovidesan exceptionallyhigh-quality, low-riskinvestmentopportunity,” saidAmstarManagingDirector, Kim Sperry.
Westlake Park Place is 97% leased and has attractedsome ofthe region’s highest quality tenants. The Property, locatedat2915, 2931, 2945, 3011, and3027TownsgateRoad, providestenantswith advantageousimage and brand enhancement as evidenced by its outstanding tenant roster. The property features timeless architecturewith elegant lobbies and common areas, a 4/1000 parking ratio, and private balconies.
Westlake Village has strong barriers to entry resulting in severe supply constraints. With the exception of theProperty’sPhaseIIsite(notincludedinthesale), virtuallynoentitleddevelopmentsitesfornew office projects exist in Westlake Villageor Thousand Oaks, and less than 260,000 sfisentitled for office development in the entire Conejo Valley.
MikeFoxworthyandTomFesta, DAUMCommercialRealEstateServices, leasetheprojectforthe ownership group. “Westlake Park Place truly elevated corporate life in the Conejo Valley which has beenthegoaloftheprojectfromtheonset. Ithasbeenatruehonorrepresentingtheoutstanding ownership team during the entire leasing of this upscale corporate headquarters development in addition to working with sophisticated international, national, and local tenants,” stated Foxworthy and Festa.
Phase II of theprojectbroke ground in November2013and will feature three buildings totaling 223,000 sf. The first buildingin Phase II, four stories totaling 102,000 sf, is 80% preleased, and is expected to be delivered in early 2015.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and internationalmarkets. Originallyformed toinvestandmanagethe realestateallocationofa large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of June 30, 2013). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the privateandinstitutionalinvestmentcommunity. Amstar’sclientsoriginatefromacrosstheglobeand includeU.S. andEuropeaninstitutions, insurancecompanies, privatebanks, fundsoffunds , andother family offices.
The Travelers Companies, Inc. is a leading provider of property casualty insurance for auto, home and business.