IDS Buys Westlake Village Parcel for Business Park

Investment Development Services Inc. of Los Angeles has acquired 18 acres in Westlake Village for a planned 326,400-square-foot business development that IDS executives estimate will cost $50 million to develop.

“There is a tremendous shortage of quality office space in the Conejo Valley,” said Hayden C. Eaves in a written statement. IDS was willing to pay $16 million for the property adjacent to the Ventura Freeway and Lindero Canyon Road due to a Conejo Valley office vacancy rate of 6% and rental rate trends in the area, among other factors.

In 1985, Westlake Village created a master plan for development. In keeping with the plan, IDS will allot the remainder of the 404,000-square-foot building area to open space and will complete Russell Ranch Road for the city.

Construction is expected to begin in March, and the campus should be ready for occupancy in December.