KBS Realty Advisors has acquired Two WestLake Park, a 455,142-sf office building in Houston’s Energy Corridor. The seller was Younan Properties, which was represented by Danny Miller of HFF. The high-rise office tower, developed by Hines in 1982, has BP and ConocoPhillips as major tenants. The building is 97 percent occupied. Younan owns 10 buildings in Houston and other properties in Dallas, Chicago, Phoenix and Los Angeles.
Macerich and a joint-venture partner have purchased the remaining stake in the Kierland Commons project in Phoenix from its developers, Dallas-based Woodbine Development Corp. and the Herberger Interests. Macerich, a REIT based in California, will pay $34.2 million in cash and assume $18.6 million in debt for its new ownership position. Kierland Commons is a 600,000-square-foot Main Street development that incorporates 70 upscale retailers, 14 restaurant concepts, entertainment venues, office space and 84 luxury loft condominiums. For more: Click Here.
