Younan Properties Leases 62,074 Square Feet At Lakeside Square In Dallas, TX
LOS ANGELES, CA (March 29, 2007) With the lease extensions of two nationally recognized firms, Younan Properties, Inc. (YPI), one of the fastest-growing, privately held real estate investment groups in the country, has posted commitments for 62,074 square feet at Lakeside Square in north suburban Dallas, TX.. Since acquiring the 398,000-square-foot office building at 12377 Merit Drive in October 2005, YPI has increased occupancy from 82% to 93%.
Our ongoing commitment to providing superior office space solutions is reflected in our record of attracting and retaining first-rate, high-profile tenants, commented Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. At YPI properties throughout Dallas and the nation, we are constantly differentiating ourselves by understanding what tenants want and need in their places of business, and by providing services and benefits at the highest level possible.
Most recently, National City Mortgage, one of the nation's largest residential mortgage lenders, renewed its commitment for 30,000 square feet of Class A space at the waterfront high-rise. For at least six years, the firm will occupy the entire fourth floor and a portion of the first floor.
Doug Carignan of Staubach represented National City Mortgage. Celeste Signor, Vice President of CB Richard Ellis' Dallas office, represented the landlord, Younan Properties.
Lakeside Square offers a great central location for our staff, as well as the convenience of a parking garage and onsite security, commented Carla Smith, National City Mortgage Facilities Manager. Our property manager has been terrifically responsive, and we've been very happy with the hands-on approach and great follow-up of the Younan team.
At the same property, global engineering firm CH2MHill has expanded its space to 32,074 square feet and extended its lease commitment for four years. Mike Quint of Jackson & Cooksey represented the tenant in the expansion and renewal. Celeste Signor of Grubb & Ellis represented Younan Properties.
Lakeside Square offers excellent access to high income and high growth areas of North Dallas and proximity to numerous fine hotels, restaurants and entertainment venues. In addition to National City Mortgage and CH2MHill, the tenant roster includes Towers Perrin Forster, Federal Liaison Services, and EXCO Resources.
Numerous improvement projects at the 26-floor office building will enhance the environment for both tenants and visitors. Now in the planning stages are a new mahogany wood and black granite lobby security desk, an interactive directory unit, and new elevator cab interiors and seating areas.
Lakeside Square is one of 13 prime Dallas office properties owned by Younan Properties, which is now the city's top landlord. With its acquisition of the 50-story Thanksgiving Tower in Dallas' CBD last month, YPI also became the second largest office landlord in the state of Texas. Nationwide, its office portfolio now encompasses 26 first-class properties totaling nine million square feet of prime space. In 2007, YPI aims to double its 2006 acquisition activity, as it plans to invest $2 billion to $3 billion in commercial real estate in coming months.
Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan Properties' management team has more than four decades of experience in developing and managing commercial real estate in high growth markets throughout the United States.
About Younan Properties, Inc.
Headquartered in Los Angeles, CA, Younan Properties, Inc., a real estate investment group, specializes in acquiring Class A office properties in high-growth markets throughout the United States. As one of the fastest growing, privately held real estate investment groups in the country, the company is especially adept at turning around undervalued assets and maximizing the value of stabilized assets. Through the application of proprietary technologies and proactive management, Younan Properties creates immediate value. In fact, the company has delivered to its investors an average leveraged IRR of 65% on properties sold to date.
Since founding the company in 2002, Zaya S. Younan has accumulated a nine million-square-foot portfolio of well-located Class A office buildings valued at more than $1.5 billion in key markets within Arizona, Florida, Illinois and Texas.
Additional information about Younan Properties, Inc. can be found at www.younan25.devsoho.com.