Sept 26, 2007
By: Michael Fickes, Contributing Correspondent
Los Angeles-based Younan Properties Inc. has acquired Two Westlake Park, a 17-story Class A office building in the Katy Freeway West submarket of Harris County, Texas. The 381,300-square-foot building is the company’s sixth Houston office acquisition since June. The deal’s financial terms were not disclosed.
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In a prepared statement, Zaya Younan, chairman & CEO of Younan Properties, said the company planned to acquire more than five million square feet of commercial property in Houston. Two Westlake Park brings Younan's total Houston holdings to approximately 1.7 million square feet of class A office space.
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According to Younan, who is the third largest owner of Class A office space in Texas, the overall Houston office market is undergoing a recovery and has performed strongly in the first half of 2007. In the Katy Freeway submarket office vacancies are down around 7 percent. Two Westlake Park is 97 percent occupied by tenants such as Conoco-Phillips, BP, and Merrill Lynch.
Since its establishment in 2002, Younan Properties has accumulated more than 10 million square feet of Class A office space valued at more than $1.5 billion in Texas, Illinois and Arizona.
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