While Southern California continues to see a trend of companies moving away from traditional office space, several properties in the region continue to trade hands. In one recent deal that closed on Nov. 7 but only recently recorded, Minnesota Viking owners Zygmunt and Mark Wilf purchased the Village Green Office Park in Westlake Village for $40 million, or approximately $487 per square foot, according to public records.
The property was sold by Nasch Village Green LP, an entity affiliated with Nasch Properties. According to their website, the property – located at 5655 Lindero Canyon Road – consists of seven two-story buildings totaling 83,983 square feet. The buildings are located on nearly seven acres and also feature ample parking.
Village Green Office Park is currently home to several companies, including Nasch Properties as well as GMZ Engineering, Network Thinking Solutions and others.
The office complex sits just off Interstate 101 near a number of shopping and dining amenities. The property also sits near several other office assets.
One property immediately next to Green Village Office Park recently traded in March for $32 million, or about $276 per square foot. That property, which is located at 5601 Lindero Canyon Road, was sold by EQ Office, a subsidiary of global real estate investment firm Blackstone Real Estate. The buyer in the transaction was Garden Commercial Properties, a New Jersey-based real estate investment group.
Despite recent deals in Westlake Village, the Greater Los Angeles area continues to see a trend of growing vacancies as companies figure out their future workplace needs. According to a third quarter market report from CBRE, the Greater Los Angeles area reported negative net absorption in the third quarter of -1.19 million. This was largely due to downsizing and relocation to higher quality spaces, the report showed. Total sublease space also saw a major increase to 9.97 million square feet, with an additional 995,000 square feet added in the third quarter, according to the report.
