Younan Properties Expands its Houston Portfolio with Acquisition of Two Westlake Park

Wednesday, 06. January 2021 16:00

Los Angeles, CA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- As part of its ongoing expansion in the Houston market, Younan Properties, a fully integrated Real Estate investment company, bringing entrepreneurial vision to office and mixed-use properties in dynamic markets across the globe, has announced its latest acquisition of a high-rise office building in Houston, TX. 

Two Westlake Park is ​an institutional quality asset formerly owned by PIMCO​ (division of Allianz SE). This is a 455,000 square foot high-rise Class​ A trophy office tower located in the heart of the Energy​ Corridor submarket​ of West Houston. Two Westlake is located within Westlake Park, which boasts 2.8 million square feet of Class A offices situated on 58 acres, and is considered to be West Houston’s premier suburban office development. This is a master-planned deed-restricted business park.

Until recently, Westlake Park’s occupancy was in the mid to upper 90%. One of the overall reasons for the historical success and growth of the Energy Corridor is its superior access and proximity to high-end residential communities. Two Westlake is positioned better than most in this regard, being at the epicenter​ of the submarket and conveniently located along Interstate 10, Houston’s dominant east-west thoroughfare. As such, it enjoys some of the best ingress/egress in the submarket, as there are multiple ways to access the park via Interstate 10, Memorial Drive, Eldridge and Highway 6. Memorial​ Drive connects the park to the Memorial Villages to the east where many executives reside, while Interstate 10 runs west to a number of master-planned suburban communities, including Cinco Ranch, Houston’s best-selling community. The location also allows for tremendous visibility from Interstate 10, which has over 447,000 vehicles traveling along it every day​.​

Younan Company Chairman & CEO, Zaya S. Younan, commented, “Two​ Westlake showcases​ the breadth of our investment,​ development and asset management capabilities. 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, ​led by Managing Director Dan​ Miller and Martin​ T. Hogan represented the seller in the sale. “This was an ideal asset for Younan Properties due to the fact that they have owned this asset before and are familiar with the Houston market. Not to mention, they are one of the few investors who have been able to close this transaction so smoothly and within such a short time frame,” stated Hogan. “Younan Properties performed as promised and actually closed this deal one week ahead of its original closing date,” added Miller.

Younan concludes: “This is part of our ongoing expansion in the Houston office market with value-added opportunities that possess significant upside potential. Our strategy is to re-position this asset with creative renovation plans and updated amenities for tenants to enjoy." 

ABOUT YOUNAN PROPERTIES 

Younan Properties is a subsidiary of Younan​ Company,​ a global​ private equity firm with assets and operations in North​ America and Europe​. Younan Company also owns La Grande Maison Younan​ Collection,​ a luxury hospitality division based in Europe.

Younan Properties is a privately held real estate investment and management company, specializing in the acquisition and management of Class A office properties in strong growth markets throughout the U.S., including Houston, Chicago, Dallas, Los Angeles, Orange County, Phoenix and Colorado.  Since inception, YPI has managed more than 200 transactions, having purchased more than 35​ million square feet of properties, with completed transactions of over $6.5 billion.​  Known for its detailed,​ hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan Properties is full-service with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. Its senior management team has extensive commercial real estate experience in office, retail, and hospitality industries, with significant operational, asset management, leasing, finance, and transaction expertise. For more information, visit www.younanproperties.com.

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Alexandra Younan
Younan Properties
8187039600
ayounan@younanproperties.com
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