Tony Principe

A vacant pad became available within a master-planned office development in the heart of Westlake Village. The site was fully entitled for a three-story, ±83,000 square foot Class A office building, presenting a rare opportunity in a supply-constrained market that had not seen new office construction in more than a decade.

The challenge was determining whether ground-up office development was feasible in a shifting office market and, if so, how to mitigate development risk while achieving market-leading rents and long-term value.

Westcord completed a comprehensive underwriting analysis to evaluate construction costs, projected lease rates, absorption timelines, and overall feasibility. Based on this analysis, we identified a clear path forward and facilitated the sale of the land to one of our experienced developer clients.

Immediately following the acquisition, Westcord implemented a targeted pre-leasing strategy focused on tenants that would benefit from the elevated image, visibility, and branding opportunities of a new Class A office building. Prior to breaking ground, we secured Merrill Lynch for a full-floor, 10-year lease with prominent rooftop signage, significantly de-risking the development.

Upon completion, the building was 97% leased, achieving the highest lease rates in the market and validating both the development and leasing strategy.

With the property fully stabilized, Westcord subsequently facilitated the sale of the completed asset for $21,000,000, delivering a successful outcome for ownership and completing the full lifecycle of the transaction.

This project exemplifies Westcord’s ability to underwrite and execute complex, ground-up development opportunities, strategically lease Class A office assets, and ultimately maximize value through a disciplined investment sales process.