Younan Properties Successfully Completes Two Westlake Park Sale
Younan Properties, one of nation's leading private office building owners and managers announced the sale of Two Westlake Park at 580 WestLake Park Boulevard in Houston, a Class A high rise and home to BP and ConocoPhillips.
Los Angeles, February 28, 2011 ---Younan Properties, Inc., a fully-integrated, national real estate owner and operator of Class A office buildings in five major U.S. office markets announced that it has completed the disposition of Two Westlake Park in Houston. KBS Realty Advisors has acquired the 455,142 square foot, high rise located in WestLake Park, long considered the epicenter of Houston's dynamic Energy Corridor submarket.
"Two Westlake Park is a Class A property located in a historically strong submarket with a premier tenant base and consistently strong occupancy," said Zaya Younan, Chairman and Chief Executive Officer. "This sale aligns with our goal to opportunistically dispose of certain assets and continue to deliver strong financial results to our investors and re-deploy our capital."
"The Houston market is an extremely strong and important market to us," added Younan. "We intend to continue our growth in Houston through acquisitions where we can add value by leveraging our operational and leasing strength."
H. Dan Miller, Senior Managing Director of Holliday Fenoglio Fowler (HFF), represented Younan Properties in the sales transaction. "The Younan team acted with professionalism and integrity throughout the entire process of this disposition, making for a smooth and seamless transaction," said Miller.
Designed by Skidmore, Owings & Merrill and developed by Hines Interests in 1982, WestLake Park is recognized as the pre-eminent office park within west Houston due to its location, construction quality and amenity base. Sitting on 5.4 acres, the Two Westlake Park office building complex includes the 17-floor office building, a seven-level parking garage, and the WestLake Club, a private, 67,000 square foot social and athletic club. With an overall occupancy of 97.0%, Two Westlake Park boasts a premier roster of tenants including ConocoPhillips, British Petroleum, Merrill Lynch, Raymond James and Marubeni-Itochu.
With this disposition, Younan Properties will own and manage 10 office properties in Houston including Norfolk Tower in the Greenway submarket; 1700 Younan West Loop South in the Galleria submarket; Shepherd Place in the Inner Loop/River Oaks submarket; Younan Place in the Westchase submarket; Younan Square in downtown Houston; Younan Tower, Bridgewood I, Bridgewood II and Greenbriar Place in the Greenspoint/North Belt submarket, and Younan Plaza in Regency Square.
About Younan Properties
Younan Properties is a fully integrated, self-administered and self-managed owner and operator of primarily Class "A" office properties located in five major U.S. office markets, including Dallas, Chicago, Houston, Phoenix and Los Angeles. The portfolio consists of 35 office properties with nearly 11.0 million square feet of rentable space. Younan is a full-service real estate company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younaproperties.com.