HOUSTON – Hicks Ventures, a firm led by Houston developer Pat Hicks, has reportedly agreed to buy the Two WestLake Park office building in the Energy Corridor for $130 million.
The deal, presented by HFF, represents a $286 per sf price for the 455,000-square-foot property, according the Real Estate Alert newsletter. The seller is KBS Realty.
The project, developed by Hines in 1982, is located at 580 WestLake Park Blvd, east of Highway 6, between Interstate 10 and Memorial Drive. It is part of the business park that houses BP’s North American headquarters.
Real Estate Alert reported that Clarion Partners of New York was also interested in buying the building, but Hicks prevailed.
KBS of Newport Beach, Calif., bought the building in 2011 for $80.5 million from Younan Properties.
BP leases 91,000 sf in the building and Conoco-Phillips leases 200,000.