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Younan Properties Re-Acquires Office Tower in Houston’s Energy Corridor
Los Angeles-based Younan Properties has acquired Two Westlake Park, a 455,000-square-foot office tower in Houston’s Energy Corridor, for an undisclosed sum. Located in the master-planned Westlake Park, the property was formerly owned by PIMCO.
Younan CEO Zaya S. Younan said, “We owned this asset nine years ago, maintaining a 95% occupancy rate, and we are confident that we can achieve the same occupancy with the large investment we are planning to make to reposition this building as one of the best Tier 1 Class A buildings in the market.
“Our timing couldn’t have been better, as we believe this is a turning point for the Houston oil & gas industry, and this asset will benefit from the increased leasing velocity that we expect to see at the beginning of this year.”
Younan Properties represented itself in the transaction. JLL Capital Markets’ Dan Miller and Martin T. Hogan represented the seller.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
