WESTLAKE VILLAGE, CA-Investco Real Estate has acquired a five-building, 238,943-square-foot office campus in Westlake Village. A partnership between Amstar, the Travelers Cos. and Searles Property Group sold the property for an undisclosed price.

Built in 2008, the trophy property is considered one of the highest quality assets in the Ventura Valley and Conejo Valley. It features five total buildings ranging in size from 5,499 square feet and 102,344 square feet in size and an impressive occupancy rate of 96%. The majority of tenants are from the financial, legal and homebuilding industries.  

“There is no comparable alternative in the market for tenants, which made this an attractive opportunity for capital,” says CBRE West Coast institutional office expert Kevin Shannon, who represented the sellers in the transaction along with his CBRE colleagues Ken White, Tom Bohlinger, Brad Burton and Mike Longo. “In addition, structured rent increases and forecasted market rent growth appealed to investors and resulted in tremendous activity during the marketing process.”

The impressive occupancy rate and building quality made this property a prime investment opportunity. It is one of ten office campuses over 200,000 square feet to trade hands in the Los Angeles and Ventura County in a decade. The Pasadena Business Center is another large office property over 200,000 square feet to recently trade hands. DivcoWest and Edgewood Realty Partners acquired the 238,842-square-foot office property for an undisclosed price. They plan to renovate the property to attract creative tenants.