KBS REIT II Trades Energy Corridor Tower

HOUSTON—KBS Real Estate Investment Trust II has sold its Two Westlake Park office building in the Energy Corridor submarket here. Headquartered in Newport Beach, CA, KBS REIT II didn’t disclose the buyer or the sales price; Real Capital Analytics says locally based Hicks Ventures paid $120 million, or $264 per square foot, for the 455,476-square-foot property.

KBS REIT II paid $80.5 million in February 2011 to acquire Two Westlake, originally developed in 1982 within the 58-acre Westlake Park, from Younan Properties, which in turn had bought it for $77 million in September 2007. It underwent a renovation in 2012, with 67,334 square feet of underperforming retail condominium space transformed into office.