Two Westlake Park

580 Westlake Park Blvd, Houston, TX 77079

Property Overview

Westlake Park, and Two Westlake in particular, have long been considered some of the best assets in the Energy Corridor – one of Houston’s top office submarkets.

Riding the strength of the submarket and the greater Houston economy, KBS REIT II addressed significant near term roll by renewing Conoco Phillips and BP (British Petroleum) – the major tenants of Two Westlake – while additionally expanding their premises and converting their leases to a landlord and investment sale friendly NNN basis. Further, KBS REIT II converted non-revenue generating dining club space located atop the parking garage into some 67,000 square feet of Class A office space which was leased to BP to meet their expansion needs. Additionally, over its hold, KBS REIT II maintained an average occupancy of over 99% at Two Westlake Park.

Investment at a Glance

Location: Houston, TX

Property Type: Class A Office

Acquisition Date: February 25, 2011

Purchase Price: $80,500,000

Sale Date: July 25, 2014

Sale Price: $120,000,000

No. of Buildings: 1

Square Footage: 455,476 SF

Leased Percentage (at the time of Acquisition): 95%

$80,500,000 Total Purchase Price
455,476 square feet Total Rentable Area
Class A Building Class