Monday, February 28, 2011
"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 (middle right photo), 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 (lower left photo), 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
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.
For more information, visit http://www.younaproperties.com/
Contact: Denise Davis, 818.703.9600 x 9705