Operator
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Westlake Chemical Corporation First Quarter 2021 Earnings Conference Call.
[Operator Instructions] Today, May 4, 2021. I would now like to turn the call over to today s host, Jeff Holy, Westlake s Vice President and Treasurer. Sir, you may begin.
Jeff Holy
Vice President And Treasurer
Thank you, Daphne. Good morning, everyone, and welcome to the Westlake Chemical Corporation First Quarter 2021 Conference Call. I m joined today by Albert Chao, our President and Chief Executive Officer; and Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team. The conference call agenda will begin with Albert, who will open with a few comments regarding Westlake s performance and a current perspective on the industry. Steve will then provide a more detailed look at our financial and operating results
4360 Park Terrace Drive in Westlake Village.
A 45,464-square-foot office building in Westlake Village has sold in an off-market deal for $8.67 million, or $191 per square foot, according to CoStar data.
Located at 4360 Park Terrace Drive, the structure is part of the master-planned Westlake Spectrum Office Park development.
The building was approximately 40 percent leased at the close of escrow. The new owner, a private investor that occupies a portion of the building, intends to lease up the remaining vacancies and hold onto the asset as a long-term investment. According to CoStar, leases for two of the building’s larger tenants Caldera Medical Inc. with 22,297 square feet and Energy Vault with 12,839 commence this month. A third tenant is already locked in through 2027.