posted on March 18, 2011 01:24
This is the first time since September 2007 that KBS has acquired a Houston asset. The public, non-traded real estate investment trust now owns 10 properties with 1.7 million square feet in Houston.
Following the transaction, Los Angeles-based Younan owns and manages 10 local office properties.
Two WestLake Park is a 17-story office building at Interstate 10 and State Highway 6 in the Energy Corridor. The building contains 388,000 square feet of office space and the 67,000-square-foot Westlake Club, a members-only dining and athletic club. A five-level garage has nearly 1,200 parking spaces.
Two WestLake Park is currently 96 percent leased to tenants including ConocoPhillips (NYSE: COP), Amoco Properties and Merrill Lynch.
Built in 1982 by Houston-based Hines, the building is part of the 58-acre WestLake Office Park.
H. Dan Miller and Trent Agnew with Holliday Fenoglio Fowler LP represented Younan in the sale. KBS Capital Advisors represented KBS REIT II of Newport Beach, Calif.
3/1/11, Jennifer Dawson, Houston Business Journal