$10-Million Office Park to Be Built in Westlake

Silagi Development Co. of Thousand Oaks has announced plans for a $10-million office park in Westlake.

Construction is expected to begin by the end of November on the two-building, 95,000-square-foot office complex to be known as Westlake Gardens. The 4.7-acre site at 2535 Townsgate Road, visible from the Ventura Freeway, was acquired by Silagi from IBM.

“We are currently experiencing a significant migration of corporate executives to Ventura County from Los Angeles and the San Fernando Valley,” said Moshe Silagi, a principal of Silagi Development. “As a result, there is a movement of upscale, skilled companies to the region. In order to accommodate and enhance this trend, we need to reverse what is a virtual absence of [appropriate] office space.”

SnapShot, a processor of data delivered over a variety of electronic platforms, has signed a lease for 13,243 square feet of space at the complex, representing more than 27% of the project’s first phase. SnapShot signed a five-year lease valued at $1.6 million, officials said.

Marketing for the project will be aimed at financial service tenants, accountants, attorneys and technical companies. Space is available from 2,500 to 50,000 square feet.

Occupancy is scheduled for mid-1997.