Transwestern Lands Major Leasing Assignment
- Jan 22, 2021
Younan Properties has selected Transwestern to oversee the leasing efforts for Two Westlake, a 454,843-square-foot office property in Houston’s Energy Corridor submarket. The brokerage team includes Executive Vice President Michelle Wogan, Vice President Evelyn Ward, and Senior Associate Paula Musa.
Located on 5 acres at 580 Westlake Park Blvd., the 17-story tower was built in 1982 and renovated in 2014, according to CommercialEdge data. In 2019, the property received LEED Gold certification. Two Westlake has eight passenger elevators, a conference room, a fitness studio with lockers and showers, a full-service deli and a café.
The building has several floors that are move-in ready. The owner will also renovate the top two floors, according to Zaya Younan, CEO of Younan Properties. Moreover, the capital improvement plan will include upgrades to the common areas and the addition of a tenant lounge. Construction work for the renovation has already begun and is scheduled to wrap up by the end of May.
Younan Properties acquired the asset last December from Rialto Capital Management and financed the deal with a $36.2 million loan from Calmwater Capital, CommercialEdge shows. This was the second time the company bought the building: In 2007, the firm purchased the asset from F.H. Prince and sold it four years later to KBS Realty Advisors for $80.5 million.