{"id":1004502868,"date":"2021-01-07T03:50:52","date_gmt":"2021-01-07T11:50:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004502868"},"modified":"2021-01-07T06:44:37","modified_gmt":"2021-01-07T14:44:37","slug":"younan-properties-buys-houston-trophy-office-tower-again","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/younan-properties-buys-houston-trophy-office-tower-again\/","title":{"rendered":"Younan Properties Buys Houston Trophy Office Tower\u2014Again"},"content":{"rendered":"
\"\"

Two Westlake Park. Image courtesy of Younan Properties<\/em><\/p><\/div>\n

Younan Properties has added Two Westlake Park, a trophy office property in Houston’s Energy Corridor, to its portfolio. It’s a repeat performance for Younan, as the company had owned the 455,000-square-foot asset for four years until selling it to KBS Realty Advisors in 2011 for $80.5 million.<\/p>\n

Younan, which has not publicly disclosed the purchase price of the occupancy-challenged Two Westlake, represented itself in the transaction, while JLL Capital Markets’ Dan\u200b Miller and Martin\u200b Hogan represented the seller.<\/p>\n

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READ ALSO:<\/strong> Flex Office Sector Proves Resilient: CBRE<\/a><\/p>\n

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Located at 580 Westlake Park Blvd. within the 2.8 million-square-foot Westlake Park master-planned business park, Two Westlake first opened its doors in 1983 as a development project of Hines. The Skidmore, Owings, & Merrill-designed tower has since been maintained through a series of upgrades, including more than $11 million in capital improvements since 2006.<\/p>\n

Other changes have transpired at the 17-story high-rise since Younan held it in its portfolio; the property has come under new ownership on a few occasions. In 2014, KBS sold the asset to Pimco Bravo Fund II LP and Hicks Management LLC for $120 million. In 2018, the loan on Two Westlake transferred to special servicing and two years later in mid-2020, Rialto Capital came into possession of the asset by picking up the $88.1 million loan on the property for $35 million in a foreclosure transaction, according to Trepp.<\/p>\n

Second Chance<\/strong><\/h2>\n

With Two Westlake’s largest tenants\u2014BP Amoco and Conoco\u2014having vacated the property in 2019, the building is struggling after decades of maintaining occupancy levels in the mid- to upper-90 percent range. The property was 6.7 percent leased as of June 2020, according to Fitch Ratings’ commentary from September 2020.<\/p>\n

But Younan has faith in the Houston office market<\/a> and is angling to restore Two Westlake to its high-occupancy glory, pinning its hopes on Houston’s energy sector. As Zaya Younan, CEO of Younan Properties, said in a prepared statement, the real estate investment company believes this is a turning point for the Houston\u200b oil & gas industry. In its fourth quarter 2020 report, Savills concurs, pointing to numbers from the Energy Information Agency and asserting that “oil demand (is) expected to recover strongly in 2021.”<\/p>\n

Younan plans to make a substantial investment in the repositioning of Two Westlake, with the goal of elevating the property to one of the leading Tier 1 office destinations in West Houston’s Energy Corridor through creative renovations and updated amenities. Younan’s re-purchase of Two Westlake was not simply for old time’s sake; the company is in the midst of expanding its presence in Houston via value-add opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nine years after selling Two Westlake Park, the company has purchased the 455,000-square-foot property with plans to stabilize the asset. <\/p>\n","protected":false},"author":969,"featured_media":1004502871,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1589,21783,21742,21747],"tags":[44006,35334,33028,33586],"class_list":["post-1004502868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-houston","category-investment","category-latest","category-office","tag-jll-capital-markets","tag-kbs-realty-advisors","tag-rialto-capital-management","tag-younan-properties"],"acf":[],"yoast_head":"\nYounan Properties Buys Houston Trophy Office Tower\u2014Again - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/younan-properties-buys-houston-trophy-office-tower-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Younan Properties Buys Houston Trophy Office Tower\u2014Again\" \/>\n<meta property=\"og:description\" content=\"Nine years after selling Two Westlake Park, the company has purchased the 455,000-square-foot property with plans to stabilize the asset.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/younan-properties-buys-houston-trophy-office-tower-again\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-07T11:50:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T14:44:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/Two-Westlake-Park.-Image-courtesy-of-Younan-Properties.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/younan-properties-buys-houston-trophy-office-tower-again\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/younan-properties-buys-houston-trophy-office-tower-again\/\",\"name\":\"Younan Properties Buys Houston Trophy Office Tower\u2014Again - 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