Office condos becoming more popular




TREND-When completed next year, The Vantage at Westlake will have office condominiums for sale

TREND-When completed next year, The Vantage at Westlake will have office condominiums for sale


With rents on the rise and demand growing for office space ownership, a local investor/developer plans to build a $17million office condominium building in Thousand Oaks.

TR Funding expects to break ground in November 2006 for “The Vantage at Westlake” on a two-acre site at 2629 Townsgate Road, one block west of Westlake Boulevard and just south of the 101 Freeway.

According to Tony Principe, president of Westlake Villagebased Westcord commercial real estate company, the two-story

class A office will feature concrete and steel construction and comprise 34,000 square feet of space.

Completion is scheduled for fall of 2007.

“With office rents exceeding $3 per square foot in this market and much of the new space being pre-leased, it makes sense to own your own space, particularly in the heart of Westlake where class A space is always a premium,” said Principe, whose company is marketing the new project.

Principe said that because monthly rental rates rise 3 to 6 per

cent annually, while mortgage rates remain relatively constant, office ownership makes good sense.

The Vantage at Westlake will offer 23 office condos for sale ranging from 917 square feet to 32,000 square feet. The units start at $475,000.

Designed by Neil Scribner Architecture of Thousand Oaks with professionally designed interiors, “The Vantage at Westlake” includes extensive use of glass and striking decorative metal canopies over a signature entry and window areas.

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