Kilroy Realty Receives $18M for Office Asset

Majestic Asset Management is the new owner of the roughly 84,000-square-foot, three-story building in Thousand Oaks, Calif., which underwent major renovations in 2011.
2829 Townsgate Road. Image courtesy of Yardi Matrix
2829 Townsgate Road. Image courtesy of Yardi Matrix

Kilroy Realty Corp. has sold 2829 Townsgate Road, an 84,098-square-foot office building in the Thousand Oaks submarket of Los Angeles. Majestic Asset Management purchased the property for $18.3 million, according to Yardi Matrix data. The previous owner acquired the asset from Pacifica Real Estate Group in 1997 for $13 million.

Located at 2829 Townsgate Road in Westlake Village, Calif., the office building is adjacent to the interchange of Ventura Freeway and South Westlake Boulevard, within 2 miles of downtown Thousand Oaks. The asset is within walking distance of several dining establishments and Westlake Paza Center East.

The single-building, three-story asset has several tenants in place, such as Wells Fargo, LTC Properties and Schidermeyer & Associates. At the time of the sale, the structure had a 19.5 percent vacancy rate. Built in 1990 and completely renovated in 2011, the building’s prior name was Westlake Plaza Center II.

Earlier this year, Kilroy Realty sold Calabasas Park Centre for $78.2 million. The Class A, three-building, 225,340-square-foot office campus is in Calabasas, Calif., roughly 15 miles from 2829 Townsgate Road.