Tishman Speyer acquired The Oaks at Westlake, a 380,000-square-foot office building on 42 acres in Westlake Village, Calif.
The value of the transaction was $92.5 million.
Developed in 1982 by The Prudential Insurance Co. as its western regional headquarters, the class A property features a dining facility, fitness center with locker rooms, an auditorium, conference rooms, a credit union, landscaping with ponds, and abundant parking. At the time of sale, the property was 84 percent occupied.
“This property was attractive to us for several reasons. It was originally developed as a regional headquarters for a major financial institution — built according to the highest-quality standards,” said John Miller, Tishman Speyer senior managing director. “The building’s current availability of space in a submarket with a very low vacancy rate offers us an attractive opportunity. In addition, the acquisition gives us an entry to another strong submarket of Los Angeles, where we are interested in expanding.”
This purchase is the latest in a series of Tishman Speyer acquisitions in various Los Angeles-area submarkets in the past year. Most recently, in July, the firm acquired a 239,000-square-foot, class A office building in El Segundo.
Tishman Speyer has built, developed and acquired more than 145 investments totaling approximately 80 million square feet across the United States, Europe, and Latin America, with additional developmental and investment initiatives in India and China underway.