Younan Properties closes on 200 North Lasalle in Downtown Chicago
LOS ANGELES, CA (November 9, 2006) Younan Properties, Inc. (YPI) announced today it has completed the acquisition of 200 North LaSalle, a 630,000-square-foot, Class A high-rise in the heart of downtown Chicago's Central Business District. The 30-story trophy skyscraper is the final office building in the 2.1 million-square-foot, seven-property commercial portfolio acquired by Younan Properties from Chicago-based Transwestern Investment Company.
Younan represented itself in the acquisition. Steve Livaditis and Blake Johnson of Eastdil Secured represented Transwestern Investment Company.
200 N. LaSalle is a prime asset in a very strategic location that will benefit from the strong positive absorption and leasing activity currently taking place in the Chicago market, observed Zaya S. Younan, Chairman and CEO of Younan Properties, Inc. Over the last three quarters, Chicago has shown very strong positive absorption across all submarkets. We predicted this positive movement and we continue to feel good about it as we continue our aggressive plan to become one of the top five office landlords in Chicago.
YPI is currently looking at further acquisitions in Chicago and plans to invest an additional $2 billion in the area in the next six to 12 months.
YPI plans for the high-rise call for upgrades to the common areas, as well as improved amenities and services. We are going to improve the building with upgrades and services in order to provide a world-class space solution for current and future tenants.
Located on the northwest corner of West Lake and North LaSalle Streets in The Loop, the historic center of downtown Chicago, the green-tinted glass tower incorporates 630,000 rentable square feet. It was built in 1984 and is now 92% occupied by a tenant roster that includes St. Paul Travelers, AMA Insurance, Inc., Broadwing Financial Services, and Interpark Holdings.
This acquisition brings Younan Properties holdings in Chicago and surrounding suburbs to approximately 2.5 million square feet of Class A space in eight prime office properties. In the Transwestern office portfolio deal that closed in September, YPI acquired three Class A properties in suburban Chicago Corporate Center in Rolling Meadows, Bannockburn Corporate Center in Bannockburn and Kensington Corporate Center in Mount Prospect as well as three high-rises in Dallas, Texas. In addition to the four new Chicago acquisitions, Younan Properties' Chicago portfolio currently includes 211 East Ontario, Embassy Plaza, One North Arlington and Prairie Stone Commons.
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. Headed by Zaya S. Younan, Younan Properties has accumulated more than $2.5 billion in real estate holdings since its inception in 2002. The company's national portfolio currently includes 25 Class A office properties totaling more than 8 million square feet.
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 an 8 million-square-foot portfolio of well-located Class A office buildings valued at more than $2.5 billion in key markets within Arizona, Florida, Illinois and Texas.
Additional information about Younan Properties, Inc. can be found at www.younanproperties.com.