$180M L.A.-Area Opus West Project Moves Forward

The City Council of Westlake Village, Calif., has approved plans for Opus Corporate Center at Westlake Village, a $180 million, 435,000-square-foot mixed-use development by Opus West. The development (pictured) will feature two Class A, four-story office buildings totaling 361,000 square feet, three free-standing restaurant pads, a 45,000-square-foot fitness facility and 8,000 square feet of service retail on the 21.5-acre site. With the city council’s approval, the project is slated to break ground in April with completion anticipated in first quarter 2009. “This is a terrific site in a market with strong demographics,” Stuart Morkun, Opus West director of real estate development for Los Angeles, told CPN.Morkun pointed out that the city’s approval of the restaurant and fitness center amenities was important to the overall site plan. “[The approval] provides service retail; a place to go for lunch, snack, dinner. And it gives people a reason to show up earlier and stay later. It is also a good draw for the community to come to the project as opposed to just one office after another,” he said. “The other win-win for the situation is that we paid additional money for the additional entitlement. We got a project with better amenities and the city got a project the community could go to and use.”CB Richard Ellis Inc. has been named exclusive leasing agent for the project, with senior vice presidents Nicholas Gregg and Michael Slater comprising the office leasing team and David Rush leasing retail space Other Los Angeles-area projects developed by Opus West include Broadstone Apartments, a 204-unit urban mixed-use apartment community in Downtown Los Angeles; Valencia Corporate Center, a 155,000-square-foot office development in Valencia; Westlake Village City Center, the 135,000-square-foot project across the 101 Freeway from the future Opus Corporate Center at Westlake Village; and Grand Avenue Corporate Center, a 132,000-square-foot, four-story building in El Segundo.