Tony Principe

Westcord was awarded the assignment by an out-of-area brokerage firm to represent Intel in the disposition of more than ±450,000 square feet of office space in Thousand Oaks. The space was spread across four buildings with approximately ten years remaining on the original lease term, creating a complex sublease scenario that required both scale and precision.

At the same time, Amgen was planning future development on its ±200-acre campus and had an immediate need for large-scale expansion space. The challenge was aligning Intel’s sublease opportunity with a tenant capable of absorbing the space efficiently while also addressing Amgen’s long-term growth needs.

Leveraging deep local market knowledge and long-standing relationships, Westcord structured a comprehensive solution that addressed both parties’ objectives. We secured a sublease between Intel and Amgen for the full ±450,000 square feet for the remaining lease term, providing Intel with a clean exit strategy and Amgen with immediate occupancy.

In addition, Westcord facilitated the sale of a nearby ±10-acre expansion site, allowing Amgen to plan for future campus growth beyond the subleased buildings.

The transaction resulted in more than $50,000,000 in combined lease and sale consideration and delivered a seamless, multi-faceted solution for both parties.

This deal highlights Westcord’s ability to manage large-scale, multi-building tenant transactions, coordinate lease and land sales simultaneously, and execute complex assignments requiring local expertise, discretion, and strategic execution.