WESTLAKE VILLAGE, CA—Illustrating the high demand for office properties in the Westlake Village submarket, two office properties have traded hands. Pacifica Real Estate Group has acquired Westlake Village City Center from Farmers New World Life Insurance Co., and Osborne Management LLC purchased North Ranch Office Building from North Ranch Properties. Both properties traded hands for an undisclosed amount.

Located at 31111 Agoura Road, Westlake Village City Center is a two-story, 64,000-square-foot office building with 96% occupancy, and an lease transaction underway for the remaining space. The tenant mix includes national office users, like Mass Mutual Life Insurance, Bank of America, Farmers Insurance, and Lincoln Financial Advisors. “The seller thought this was a good time to sell because the building had really firmed up, and it was a good time to maximize and get their money put to work elsewhere,” Michael Slater, a broker at CBRE, tells GlobeSt.com. Slater represented the buyer and the seller in the transaction along with his CBRE colleagues, Tom Dwyer, Mark Perry and Carlene O'Neil. According to Slater, the team received “a ton” of interest on the property and had five offers from potential buyers.

North Ranch Office Building, located at 3967 Thousand Oaks Blvd., is a two-story, 20,000-square-foot office building, 36% occupied by Citibank. The buyer is planning to reposition the remainder of the building for retail tenants as well as medical office tenants. “The owner was hoping to sell this property to a user that was willing to come in and buy it,” explains Slater, who also represented the buyer in this transaction along with the same CBRE team, about why this property was on the market for an extended period. The same team handles leasing on the property and already has a deal in the works with what Slater describes as a “house-hold name” for the ground floor space.