Invesco Real Estate has cast an office campus in the northwestern part of Greater Los Angeles.
A partnership between Amstar and Searles Property Group acquired Westlake Park Place, a five-building office campus in Westlake Village, for $80.8 million. Newmark arranged and announced the sale.
The 13-acre site features 239,003 Sq Ft. completed in 2008 and is approximately 85% leased. The office is at 2945 Townsgate Road, adjacent to Westlake Commons and Caruso’s Promenade at Westlake.
Newmark’s Kevin Shannon said in a statement that the property felt tremendous momentum over the last 16 months, performing new or renewed leases for almost 30% of its net rentable area, and this huge leasing momentum post-COVID-19 was attractive to potential investors.
Invesco is active around the world, including in New York and on the West Coast. Earlier this year, the firm provided a $116 million loan for the acquisition of 10 self-storage properties, including in L.A. and San Diego. To end 2020, the firm provided $140.7 million in financing for Goldman Sachs and Lincoln Property Company (LPC) to acquire the Hollywood 959 office campus.