The larger of the two leases was signed by UBS Painewebber, Inc., a financial services company based in Weehaven, New Jersey. UBS Painewebber has signed a 10-year lease to occupy 4,800 sf. This lease marks Painewebber's entrance into the marketplace where it wants to expand its presence and service the as of yet untapped community, according to a company spokesman. The price for its 10-year lease is just above $1 million.

Trimark Pacific Homes, LP, a residential developer based in Westlake Village, signed a five-year lease to occupy 4,350 sf. The local company moved from its location at the Westlake Spectrum Project as it expanded and grew beyond that facility's needs, according to the company. The price for its five-year lease is, as with the Painewebber deal, just above $1 million.

Westlake Village City Center is located at 31111 Agoura Rd. The complex has a 60% occupancy rate. The addition of Painewebber and Trimark Pacific Homes brings the total amount of businesses leases at the city center to three. The third is a multi-billion dollar insurance company that leases 6,500 sf. The city center fronts onto the Ventura Freeway and is exposed to 120,000 cars each day.

The two leases have a $240 per square foot full-service gross value. Industry sources quote the price as well within the market value for a property of its size and location. Westlake Village City Center was built in 2001. The city center is an office project developed by the Opus West Group.

Nick Gregg and Ken Ashen of CB Richard Ellis represented the landlord, Opus West Corporation of Los Angeles. Mark Leonard of Cushman & Wakefield of California represented UBS Painewebber Inc., and Keith Green of Daum Real Estate represented Trimark Pacific Homes.