HOUSTON – (Realty News Report) – Two Westlake Park, a 17-story office tower located in Houston’s Energy Corridor, has been foreclosed.
The 454,843-square-foot building, situated south of Interstate 10 and east of Highway 6, was acquired in 2014 by a partnership between Hicks Ventures and Pimco for $120 million, according to Real Estate Alert.
Developed by Hines in 1982, the tower sits within the 58-acre Westlake Park campus, which houses the North American headquarters of BP. Last week BP announced plans to reduce its global workforce by 10,000 employees; the company employs about 4,000 people in Houston.
Ownership of the building has transferred to Miami-based Rialto Capital Associates. JLL has been engaged to market Two Westlake, located at 580 Westlake Park Boulevard, for sale.
With current occupancy below 5 percent, the forthcoming sale will supply a contemporary comparable at a time when investors have limited data on the pricing of distressed assets in 2020.
The surrounding area, near Terry Hershey Park, experienced significant flooding during Hurricane Harvey nearly two years ago, which left several buildings inaccessible for weeks.
June 16, 2020 Realty News Report Copyright 2020