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Commercial Real Estate

Westlake Village to Get Office Park

November 10, 1998|MELINDA FULMER

Citing a shortage of available office space in the Conejo Valley, L.A.-based Investment Development Services has purchased an 18-acre parcel of land in Westlake Village where it will build a 326,000-square-foot business park next year, company officials say.

The company paid Santa Ana-based Richland Properties $16 million for the land, located next to the Ventura Freeway at Lindero Canyon Road. It will begin construction of three two-story office buildings there beginning in March. The new business park, which will be marketed to business owners living in neighboring suburbs, will be dubbed Westlake North Business Park. It will open in December 1999.

"There is a tremendous shortage of quality office space in the Conejo Valley," said Hayden C. Eaves III, IDS managing director. "The largest available space comprises less than 30,000 square feet."

The Westlake North commercial planning area already includes restaurants, a Staples store and entitlements for a full-service hotel.

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