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Homestore.com to Relocate to Westlake Village

March 22, 2000|Brad Berton

Fast-growing Internet-based residential real estate networkHomestore.com Inc. will expand and relocate its corporate headquarters from Thousand Oaks to a 137,760-square-foot building under construction at Westlake North Business Park in Westlake Village. Homestore.com, which provides resources that help streamline home buying, selling and financing, plans to move this summer to the building at 30770 Russell Ranch Road. Los Angeles-based Investment Development Services is developing the $50-million, 327,474-square-foot project on 18 acres. No financial terms of the 7 1/2-year lease transaction were disclosed, but real estate sources estimate the value at more than $25 million. Homestore.com shares began trading last summer at $20. After skyrocketing to a high of $138 in January, the price has tumbled 73%. The shares closed at $36.88, down $3.31 on Nasdaq.

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