Hit by Foreclosure: Energy Corridor Office Tower

In Houston, Two Westlake Park, a 17-story office building in the Energy Corridor in west Houston, has been foreclosed on.

The 454,843-SF building, south of Interstate 10 and east of Highway 6, was purchased by a partnership of Hicks Ventures and Pimco in 2014 for $120 million, as stated by Real Estate Alert.

The tower, developed by Hines in 1982 is located in the 58-acre Westlake Park, home of the North American headquarters of BP. Last week, BP reported it is laying off 10,000 people from its worldwide workforce of 70,000. BP has 4,000 employees in Houston.

The building is now in the hands of Miami-based Rialto Capital Associates. JLL has been retained to sell off Two Westlake, 580 Westlake Park Blvd.

The sale of the building, now less than 5 percent occupied, will provide a contemporary comp in a market where investors have few clues about the true value of distressed properties in 2020.

The area, near Terry Hershey Park, suffered flooding during Hurricane Harvey about two years ago and several buildings were not accessible for weeks.