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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.