2008-11-09 10:57:02 -
- Macy + Associates Vincent Aviani/Heather Koopman 310-821-5300 x226 vaviani@macyinc.com Joint venture partners Amstar Group, a Denver based real estate private equity firm, and Newport Beach based Steadfast Companies today announced that the group's Westlake Park Place development has signed approximately 100,000 square feet of leases during the first nine months of 2008 bringing the occupancy to 45%. In addition,
leases are out on an additional 13,000 square feet of space. The majority of leasing momentum is coming from prestigious banking, insurance and financial services firms wishing to have a presence in the desirable Conejo Valley.
Leases include the following tenants:
-- First California Bank - 21,901 square feet (new corporate headquarters)
-- Metropolitan Life - 8,749 square feet
-- GlobalWide Media - 6,091 square feet
-- Ernst & Young - 7,590 square feet
-- Comerica Bank - 5,449 square feet
-- Raymond James Financial - 3,696 square feet
-- Platinum Office Suites - 17,917 square feet
-- Cydcor - 19,074 square feet
-- Charles Schwab - 2,584 square feet
-- Stifel Nicolaus - 4,741 square feet
"We are particularly pleased with the recent leasing activity and more importantly, the quality of national and regional companies who recognize the value of being at Westlake Park Place," said Robert J. Searles, President of Steadfast Business Properties. "Westlake Park Place is quickly being recognized as the banking and financial services hub in Conejo Valley, West San Fernando Valley and Ventura County. Interestingly, approximately half of our new tenants are coming from outside of the area or have relocated from outside the Conejo Valley," said Searles.
The Conejo Valley is a highly desirable submarket that spans both southeastern Ventura County and northwestern Los Angeles County. This submarket continues to attract banking, insurance and investment firms, technology companies, and pharmaceutical corporations. The combination of the growing number of companies wishing to migrate into the Conejo Valley, and the lack of developable land has been the catalyst behind investors injecting more than $740 million into office development during 2007 and 2008.
The centerpiece of this development activity is Westlake Park Place, a campus style office development that is being constructed in two phases. Located on a 27-acre site, the development provides highly visible corporate identity because it fronts the U.S. 101 Freeway, and boasts a classic Mediterranean style architecture with overhanging roofs, unobstructed views of the Santa Monica Mountains, extensive window lines, flexible floor plates and exceptional finishes.
"The Conejo Valley is home to some of the most prestigious companies in the nation, including Amgen, Baxter Healthcare, Dole Foods, Bank of America, State Farm and Farmer's Insurance. We believe this premiere office location will continue to attract a high-caliber tenant," said Mike Foxworthy, executive vice president for Daum Commercial, the exclusive brokerage firm representing the development site.
The second phase of Westlake Park Place contains approximately 223,266 square feet and construction is planned to start sometime in 2009.
Westlake Park Place has benefited from professional broker cooperation including Michael Slater, Tom Dwyer and Jennifer Rice, CBRE; Brian Ulf and Bryan Lewitt, C&W Jeffery Ingram, Duncan Heitman and John McAniff, JLL; Tony Principe, Westcord Commercial; Carol Ruth & Cindy White, Commercial Reality Partners; Matthew Heyn, CBRE and John Tabb, Centre Reality. DAUM Commercial Real Estate is the Westlake Park Place listing agency.
For leasing information, please contact Daum Commercial: Mike Foxworthy: 805/384-8830 or Tom Festa: 818/449-1622.
About Amstar Group, LLC.
Founded in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment and development firm operating in the US, Latin America, Europe and Asia. Along with its affiliates, the firm has successfully invested $1.5 billion in equity with a total capitalization of $5.2 billion in office, hotel, retail, multifamily, industrial and mixed-use projects. Current equity under management is approximately $850 million. From offices in Denver, Westport, Kiev, Moscow, Ankara, Hong Kong and New Delhi, Amstar manages over 50 projects valued in excess of $2.7 billion. Amstar's core investment strength lies in maintaining disciplined and diligent underwriting while decisively taking advantage of opportunities in a rapidly changing global investment environment. For more information about Amstar visit the company's website at www.amstargroup.com.
About Steadfast Companies
The Steadfast Companies acquire, develop and manage real estate properties within the United States and Mexico/Central America. With corporate offices in Newport Beach, Steadfast Companies coordinates the administrative, accounting and support services of its four divisions in the U.S. and Mexico/Central America. These include:
-- Steadfast Residential Properties
-- Steadfast Commercial Properties
-- Steadfast Resort Properties
-- Steadfast Business Properties
For more information about The Steadfast Companies please visit its website at www.steadfastcompanies.com.
New 238,945 Square-foot Class A Office Campus Attracting National
and Regional Banking, Insurance and Financial Services Firms
