2006-07-01 Westlake Purchases Premier Office Building in Nevada

Nevada, Las Vegas – Westlake Development Group LLC, headquartered in San Mateo, California, has purchased City Center West – Building B from Triple Net Properties. Westlake Development Group purchased the property for $35 million.

The 105,964-square-foot office building is strategically located in one of Las Vegas's fastest growing markets. The building features easy access from several freeways, and is within walking distance to restaurants, high-quality retail, neighborhood and big box shopping centers, and business services. Its flexible floor plan can easily be configured for multi-tenant use, City Center West also incorporates a state-of-the-art energy management system and high-speed fiber-optic data connections.

Westlake's newest property addition has a median suite size of approximately 7,000 square feet, with spaces ranging from less than 3,000 to over 17,000 square feet of rentable space. This Class A property accommodates a variety of regional and national tenants engaged in business services, including insurance, law, real-estate and financial service firms. Current tenants include Marsh USA, Inc., HQ Global Workplace, IBM, National City Mortgage and Bank West Nevada.

"The acquisition of City Center West is in line with our desire to seek out exceptional properties in key metropolitan operating areas. This is a premier office building for companies looking for state-of-the-art telecommunications infrastructure and proximity to affluent neighborhoods" said Gary Wong, Westlake president. "We are selectively adding properties that complement our existing portfolio and are positioned in rapidly growing markets."

An affiliate of Westlake Development Group, LLC, Westlake Realty Group, Inc. will manage City Center West in addition to twenty other commercial and multi-family properties in California, Oregon and New Mexico.