HOUSTON--(BUSINESS WIRE)--KBS Real Estate Investment Trust II (“KBS REIT II”), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold its Two WestLake Park office building in Houston’s Energy Corridor submarket.
Two WestLake Park is a 455,476-square-foot building situated within the 58-acre, 2.3 million-square-foot Westlake Park. The Class-A property recently underwent an extensive renovation of 67,334 square-feet, which included transforming under-performing space into leasable office space. Finishes include quartz countertops, custom exotic millwork and louvered doors, Italian ceramic tiles, and energy efficient exterior glass.
“Two WestLake stands as an example of a successful asset in a thriving Houston market that transformed underutilized square footage into revenue-generating office space, while also solving any existing and future tenant’s plans for expansion,” said KBS Senior VP/Market Leader Gio Cordoves.
KBS Capital Advisors is KBS REIT II’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including KBS REIT II’s ability to invest in and manage a diverse portfolio, the performance of the Two WestLake Park office property and the performance of the Houston real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT II’s or Two WestLake Park’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.