HOUSTON-Younan Properties Inc. has paid about $77 million to claim the 381,327-sf Two Westlake Park office building. According a broker involved with the transaction, Younan's acquisitions are reflective of a trend that will continue well into the fourth quarter.
As reported in recent weeks, Younan had planned to close on the 98%-leased Energy Corridor building at 580 Westlake Park Blvd. before the month passed. The 17-story, class A building brings the buyer's Houston holdings to 1.7 million sf. As for the seller, it is the last asset in the city in a nationwide disposition by Chicago-based Wind Realty.
Zaya S. Younan, chairman and CEO of the Los Angeles-based investment group, says more local assets will be put under contract in the next quarter. The target submarkets are the Energy Corridor and CBD. “We plan to buy three million sf in the next six months in Houston,” he says. “If we see the market fundamentals continuing to go forward, we'll continue buying assets.”
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